Wednesday, 30th November 2011Ensure Compliance and Avoid Penalties!

Kyria AliFSC Taking a Close Look at Regulated Entities

There have been many predictions about the year 2012, but one thing we've been told with certainty is that the British Virgin Islands Financial Services Commission ("FSC") will impose penalties on non-compliant regulated entities.

In the event you are wondering with which legislation you should be compliant? The simple  answer is ALL.

Without doubt, the regulated entity along with its Compliance Officer will be held accountable for non-compliance. As the Compliance Officer your reputation as an individual is also on the line! Have you performed your responsibilities?

Regulated entities have focused on addressing the requirements of the Anti-money Laundering Regulations, 2008 and the Anti-money Laundering and Terrorist Financing Code of Practice, 2008 (as amended), but have you addressed the requirements of the equally relevant and important Regulatory Code, 2009? Do not be surprised when the FSC's onsite inspection incorporates testing of the requirements prescribed by the Regulatory Code, 2009.  

Of significant concern highlighted by the FSC are corporate governance, risk management and internal controls. Lack of attention to these areas has been publicly deemed the cause for the current worldwide financial situation. Be mindful that it is insufficient to simply have manuals on these areas prepared; a regulated entity must also be able to demonstrate the effective communication of its policies and procedures as well as its ongoing application.

Are you compliant? Will you avoid penalties? If not or you are unsure, let us help you take corrective action! Remember, your reputation is at stake; where enforcement action is taken by the FSC this will be publicized on their website.

Baker Tilly (BVI) Limited has extensive experience in business advisory, especially as it relates to regulatory compliance, provision of anti-money laundering and terrorist financing training as well as with the provision of internal and external audit services.  Our unique team of business advisors and auditors has provided assistance to various companies with respect to their compliance and regulatory needs and can assist you with fulfilling your statutory obligations whilst adding value.  For further information, contact Kyria Ali FCCA CIA CFE, Head of Business Advisory, at kali@bakertillybvi.com or at 1-284-852-2584.