There have been two new additions to the regulatory and registration regimes in the British Virgin Islands: an amendment to the Anti-Money Laundering and Terrorist Financing Code of Practice 2008 and one to the Micro Business Companies Act 2017.

The amendment to the AML code is designed to promote the use of digital services for use in the identification of customers and the verification of their information. The Government wants this to encourage firms licensed in the BVI to use "globally available financial technology solutions."

To support the success of the MBC Act, the BVI's Financial Services Commission has invested heavily in new software that registers MBCs quickly and cheaply. The commission has expanded its registration system, VIRRGIN, to contain a new MBC portal.

For the first time, the FSC will make an Application Programming Interface (API) to its VIRRGIN system available to registered agents. Through the API, those agents can develop mobile applications and manage and administer MBCs more efficiently. The APIs can use additional content and services.

The MBC Act is a new corporate regime of which private banks ought to be aware, with characteristics and features that are distinct from those in the BVI Business Companies Act. The MBC Act was brought into force on 5 June and the registration regime is in the throes of introduction now.

The amendment to the AML code was published in the VI Gazette (the islands' version of the London and Edinburgh Gazette) on 19 July and took effect on the first of this month.