The AML rules have been reinforced through the issuance of codes of conduct. In 2008 the Financial Services Commission (FSC) issued the Anti-Money Laundering and Terrorist Financing Code of Practice and the Non-Financial Business (Designation) Notice.
In February 2009 the FSC made significant changes to this code of practice. The amendments included provisions that allow BVI funds to outsource AML compliance, including the money reporting officer function, to administrators or other functionaries
- Regulators to scrutinise CCP default auctions
- People moves: Bank of America names new Apac chiefs, Wilkinson leaves LGIM, Lloyds loses Coutte, and more
- Sefs, Libor fallbacks and risk governance in Asia
- A rush on Libor fallbacks to head off holdouts
- VAR surges, revenues tank at French banks hurt by volatility