British Virgin Islands Financial Services Commission

The financial regulatory body is the authority that monitors and facilitates financial activity in a specific region. The BVI financial regulatory authority is the Financial Services Commission (FSC) and is responsible for issuing bank licenses and monitoring the finance sector, amongst other duties.

The responsibilities of the BVI FSC

The British Virgin Islands has stringent financial regulations as outlined by their financial regulatory body. The Financial Services Commission (FSC) is responsible for all financial activity conducted from and within the BVI. The FSC was formed in 2001 following the Financial Services Commission Act 2001, which was implemented in order to safeguard and protect all independent financial institutions established in the BVI.

The BVI FSC regulates all financial services and operations conducted within and from the BVI, ensuring that all banks and other financial institutions are in compliance with the relevant BVI laws and banking standards. It is the responsibility of the BVI FSC to enforce appropriate legislation within the financial industry and monitor the financial institutions.

In addition to the above, the FSC provides a legal and regulatory framework in terms of the financial regulations and it is the duty of this financial body to ensure that all legislations are adhered to in a legal manner. They also take on an active role in educating and informing the general public and others in the banking industry on issues regarding and surrounding financial activity, internal operations and legislations.

In order to acquire a BVI bank license, individuals and companies are required to submit the official application form and relevant legal documents, including details of the shareholder and directors, to the regulatory body. Applications are over viewed and standardized and are given approval for bank licenses only if they fulfill the minimum requirements outlined by the FSC.