BVI Unveil New Rules for Digital Identity Verification

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The BVI Financial Services Commission has altered section 23 of the Anti-Money Laundering and Terrorist Financing Code of Practice 2008 in order to enable financial institutions such as banks to confirm each clients’ account details by electronic and computerised means.

The revisions clarify that where identity is confirmed carefully in an exchange not led up close and personal, a BVI organisation requires no high-risk alert or warning to for any client or business that could be considered to be at greater risk of money laundering and terrorist financing.