Monday, 30 November 2020
JFGT (20201130-03:18:50 to UTF-8) ART 116 en => it
Banks British Virgin Islands
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In December 2001, the British Virgin Islands, the Law on the Financial Services Commission, which is an independent regulatory body responsible for regulation, supervision and verification of all financial institutions that operate with the British Virgin Islands (BVI) and on the islands themselves . Among their services include insurance, banking, trust business, management companies, the activities of mutual funds, as well as registration of companies, limited partnerships, protection of intellectual property and shipping. As a result, the Commission currently supervises all regulatory activities, which was previously exercised by the Government through the Department of Financial Services. Department of Banks and Trusts ensures compliance by all banks and financial institutions in Bermuda international regulatory standards, implementation of the advanced experience of the relevant laws and the BVI.

In the BVI, a modern financial infrastructure, carrying out due diligence and provides business needs of banks and trust companies on the basis of the Law on banks and trust companies in 1990 with subsequent amendments, adopted in 1995, the Commission also provides new tasks, including providing the general public with the functioning of the financial system and its products, the maintenance of order in the regulatory area, reducing crime in the financial sector and prevent abuses in the financial market. Legal requirements for obtaining a banking license in BVI are described in the Law on banks and trust companies in 1990 in Section 3 of the Act provides that any person or company registered in the BVI may carry on banking business with BVI only subject to obtaining a license in accordance with the Act . In addition, Section 4 (4) of the Act states: "If the Commission considers that the application for permission to conduct banking activities do not infringe upon public interests and that the applicant is a person qualified to carry out banking activities, it may grant the request and issue a license to compliance with the conditions at the discretion of the Commission. "

Financial Institutions
Currently, the British Virgin Islands are the following financial institutions:

Banco Popular de Puerto Rico (BANCO POPULAR DE PUERTO RICO)
First Bank VIRGINIA AYLENDZ (FIRSTBANK VIRGIN ISLANDS)
First KARIBIAN INTERNATIONAL (FIRST CARIBBEAN INTERNATIONAL)
London International Bank and Trust Company LTD. (LONDON INTERNATIONAL BANK AND TRUST COMPANY LTD)
Rathbone Bank (BVI) LIMITED (RATHBONE BANK (BVI) LIMITED)
BANK OF EAST ASIA RH (BVI) LTD (THE BANK OF EAST ASIA (BVI) LTD)
ViPi BANK (BVI) LTD. (VP BANK (BVI) LTD)
SKOTIYABANK (BVI) LIMITED (SCOTIABANK (BRITISH VIRGIN ISLANDS) LIMITED)

 
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