Active in the fintech landscape since 2017, the dedicated Walkers’ team are recognised as global leaders in this dynamic sector -
Fluent in six important jurisdictions of choice, we take a jurisdiction agnostic approach,...more
The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in recent years that demonstrate the...more
9/25/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Blockchain ,
British Virgin Islands ,
Compliance ,
Data Protection ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Economic Sanctions ,
Electronic Fund Transfer Act ,
FinTech ,
FSMA ,
Insurance Industry ,
Investment ,
Licenses ,
Misleading Statements ,
SIBA
The RSOG builds upon and clarifies existing market conduct standards for TCSPs and Company Managers where the underlying requirements are generally the same but with some differences.
The RSOG implements market conduct...more
9/5/2024
/ Advertising ,
Business Assets ,
Cayman Islands ,
CIMA ,
Conflicts of Interest ,
Corporate Management ,
Enforcement ,
Integrity Policies ,
Licenses ,
New Rules ,
Policies and Procedures ,
Risk Mitigation ,
Trusts
The Personal Information Protection Act ("PIPA") comes into full force on 1 January 2025. All organisations in Bermuda are expected to be in compliance with it by that date – time is running out!
The Privacy Commissioner...more
8/6/2024
/ AML/CFT ,
Bermuda ,
Compliance ,
Data Collection ,
Data Retention ,
Due Diligence ,
EU ,
General Data Protection Regulation (GDPR) ,
Liquidation ,
Personal Information ,
Personal Information Protection Act ,
Policies and Procedures ,
Privacy Notice Rule ,
Regulatory Requirements ,
Third-Party Service Provider ,
Training ,
UK
Changes to the beneficial ownership regime took effect on 31 July 2024 and enforcement relating to the new requirements is suspended until early 2025.
Many entities that previously had few or no obligations will have to...more
8/6/2024
/ Beneficial Owner ,
Cayman Islands ,
CIMA ,
Enforcement ,
Foreign Corporations ,
Legal Entities ,
Licenses ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
Money Laundering ,
Non-Public Information ,
Penalties ,
Registered Investment Companies (RICs) ,
Regulatory Requirements ,
Special Purpose Vehicles ,
UK
On 15 March 2024, the Ministry of Financial Services and Commerce (the "Ministry") issued Technical Guidance for corporate services providers ("CSPs") to facilitate changes to internal processes in support of the transition...more
New specific licensing grounds available under Cayman Islands and BVI Russia sanctions will pave the way for Cayman Islands and BVI investment funds and other entities to divest their frozen assets in Russia as well as remove...more
On 30 August 2023, following industry consultation, the Cayman Islands Monetary Authority ("CIMA") issued a new Rule and Statement of Guidance on Nature, Accessibility and Retention of Records for Licensees Conducting the...more
Following industry consultation, on 30 August 2023 the Cayman Islands Monetary Authority ("CIMA") issued updated Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation...more
9/15/2023
/ AML/CFT ,
Anti-Fraud Provisions ,
Anti-Money Laundering ,
Cayman Islands ,
CIMA ,
Cybersecurity ,
Due Diligence ,
Financial Services Industry ,
Guidance Update ,
Money Laundering ,
Policies and Procedures ,
Recordkeeping Requirements ,
Risk Assessment ,
Selfies ,
Videoconference
Approaches and developments -
The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in...more
9/13/2023
/ AML/CFT ,
Blockchain ,
British Virgin Islands ,
Cross-Border Transactions ,
Cryptocurrency ,
Digital Assets ,
Financial Services Industry ,
FinTech ,
FSMA ,
Insuretech Sector ,
Non-Fungible Tokens (NFTs) ,
Peer-to-Peer ,
Popular ,
RegTech ,
SIBA
The Economic Substance (Companies and Limited Partnerships) Act, as amended (the "ESA"), requires BVI legal entities which engage in relevant activities to maintain economic substance in the BVI. Our 'Overview of the British...more
The British Virgin Islands (BVI) government has succeeded in its request for a supplementary review to more accurately reflect its current legislative status following the EU's decision last month to add the BVI to its list...more
The BVI Virtual Asset Service Providers Act (VASP Act) came into force on 1 February, providing clarity and certainty on the regulatory landscape for virtual asset services (VASPs) operating in or from within the BVI. ...more
2/20/2023
/ AML/CFT ,
Anti-Money Laundering ,
British Virgin Islands ,
BVI Business Companies ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
New Legislation ,
Recordkeeping Requirements ,
Terrorism Funding
The EU has announced it is has added the British Virgin Islands (BVI) to its list of non-cooperative jurisdictions for tax purposes. The BVI Government has since issued a statement highlighting that it has already introduced...more
The British Virgin Islands ("BVI") Data Protection Act, 2021 ("DPA") came into force on 9 July 2021. It was introduced so the BVI would have a data protection framework which is broadly similar to EU and UK standards. To...more
2/9/2023
/ BVI Business Companies ,
Data Breach ,
Data Integrity ,
Data Processors ,
Data Protection ,
Data Retention ,
Data Security ,
Disclosure Requirements ,
Enforcement ,
EU ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
New Regulations ,
Personal Data ,
UK
As widely expected, the British Virgin Islands ("BVI") is shortly bringing into force new legislation to implement the Financial Action Task Force's standards on virtual assets and virtual asset service providers (known as...more
The following BVI legislative supplements to the Mutual Legal Assistance (Tax Matters) Act (“MLA Act”) and the International Tax Authority Act (“ITA Act”) were gazetted on 13 June 2022:
The Mutual Legal Assistance (Tax...more
10/18/2022
/ BVI Business Companies ,
Common Reporting Standard (CRS) ,
Compliance ,
Duty to Cooperate ,
Enforcement Actions ,
FATCA ,
Inspections ,
International Tax Authority ,
Ministry of Finance ,
Mutual Legal Assistance Treaties (MLAT) ,
Request For Information
The Beneficial Ownership Secure Search System (Amendment) (No.2) Act, 2021 (“Amendment Act”) was gazetted in the BVI on 31 December 2021 and came into force on 1 January 2022. The Amendment Act amends the BVI’s Beneficial...more
BVI Business Companies (Amendment) Act revisions effective 1 January 2023 -
The BVI Business Companies (Amendment) Act, 2022 (“BCA Amendment Act”) which amends the BVI Business Companies Act, as amended (the “BCA”) was...more
BVI Business Companies (Amendment) Act revisions effective 1 January 2023 -
The BVI Business Companies (Amendment) Act, 2022 (“BCA Amendment Act”) which amends the BVI Business Companies Act, as amended (the “BCA”) was...more
Roadmap -
As a starting point it is helpful to outline a roadmap of how a new blockchain based project might develop. It is important to stress that no two projects will ever have the same objectives. As such, there is no...more