BVI Financial Services Commission (BVI FSC)
Oversees financial services and corporate registration in the British Virgin Islands.
Tags:Forex RegulationBasic Information
The British Virgin Islands Financial Services Commission (BVI FSC) is the autonomous regulatory authority overseeing all financial services activities in and from the British Virgin Islands (BVI). Established in December 2001 under the Financial Services Commission Act, 2001, it operates as an independent body to ensure the integrity of the BVI’s financial sector. The BVI FSC regulates entities including forex brokers, investment firms, banks, insurance companies, and corporate service providers. Its official website (www.bvifsc.vg) serves as a central hub for regulatory updates, legislation, public alerts, and licensee verification tools.
Historical Background
The BVI FSC was created to consolidate regulatory responsibilities previously managed by the BVI government’s Financial Services Department. This shift aimed to align the territory with international standards for financial transparency and combat cross-border financial crimes, while preserving confidentiality for legitimate businesses. Since its inception, the BVI FSC has expanded its role to include promoting public awareness of financial products, policing unregulated activities, and enforcing anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks.
Legal Authority and Regulatory Framework
The BVI FSC derives its authority from key legislation, including the Financial Services Commission Act, 2001 and the Securities and Investment Business Act (SIBA), 2010. SIBA governs forex and securities trading, requiring firms to obtain licenses for activities such as “Dealing as Agent” or “Dealing as Principal.” The commission also enforces AML/CFT regulations under the Anti-Money Laundering Regulations, 2008, and collaborates with international bodies like the Financial Action Task Force (FATF) to uphold global compliance standards.
Core Responsibilities and Regulatory Scope
The BVI FSC’s mandate includes:
- Licensing and Supervision: Authorizing entities engaged in forex, securities, insurance, banking, and corporate services. Forex brokers, for example, must demonstrate adequate capital (case-specific, often $250,000–$500,000) and comply with operational guidelines.
- AML/CFT Enforcement: Monitoring compliance with anti-financial crime measures, including customer due diligence and suspicious activity reporting.
- Market Integrity: Investigating unlicensed entities and issuing public alerts about fraudulent operators, such as the 2023 warning against GBT INTERNATIONAL LIMITED.
- Legislative Updates: Publishing guidelines for new regulations, such as the 2024 Beneficial Ownership Regulations, to enhance transparency.
Contact Information
Headquarters Address:
British Virgin Islands Financial Services Commission
18 Pasea Estate Road, Road Town, Tortola, VG1110, BVI
Phone: +1 (284) 494-1324 / 494-4190 / 347-4001
Client Support: +1 (284) 852-4123
Email: [email protected]
Business Hours: Monday–Friday, 8:30 AM–4:30 PM (AST).
How to Verify a Regulated Entity
To confirm if a firm is licensed by the BVI FSC:
- Use the Certificate Verification Tool on the BVI FSC website (www.bvifsc.vg).
- Check the Public Statements section for enforcement actions or alerts about unlicensed entities.
- Contact the BVI FSC Compliance Division via email at [email protected] for direct verification.
