BRITISH VIRGIN ISLANDS: Amended rules allow digital identity verification without labeling client 'high risk'
The BVI Financial Services Commission has amended s.23 of the Anti-Money Laundering and Terrorist Financing Code of Practice 2008 to allow financial institutions to verify individual customers' identity by electronic and digital means. The amendments clarify that where identity is certified digitally in a transaction not conducted face-to-face, a BVI institution need not automatically treat an applicant for business or a customer as ' high risk'
