BVI Approved Manager MLRO Requirements

The Approved Manager, being an entity authorised to act as an investment manager/ investment advisor under the Investment Business (Approved Managers) Regulations (Revised), is considered a licensee for the purpose of the Financial Services Commission Act (Revised), and accordingly subject to FSC supervision and certain (lighter touch) regulatory requirements.

In order for an Approved Manager to ensure compliance with the BVI’s anti-money laundering regime, a money laundering reporting officer (MLRO) is required to be appointed, and appropriate policies and procedures must be implemented and adopted on an ongoing basis.

Regardless of whether their MLRO is appointed in-house, or outsourced, all Approved Managers are expected to:

• maintain appropriate records in a format easily accessible to competent authorities should they request them (updated on a monthly basis, recording any changes that have occurred, and informing their MLRO)
• maintain accurate and up to date information on customers and beneficial owners of such customers (where applicable) (this is usually maintained by the fund administrator who should provide monthly updated statements to the Approved Manager, who in turn will provide a written confirmation that the same has been received on an monthly basis)
• be aware of customer due diligence requirements including those relating to relevant sanctions such as UN sanctions; whilst this should be happening at fund level through the fund administrator, it is still a responsibility of the Approved Manager
• complete their AML/CFT Return for yearly filing

Where Approved Managers are outsourcing their MLRO requirements, they still need to show awareness of and adherence to their policies and reporting obligations.

Marbury assistance

Marbury comprises a group of professionals and administrators focused on providing the very best solutions and services for our clients. We are able to provide services not just for your manager, but for your fund or investment vehicles as well.

In respect of your BVI Approved Manager, we are able to advise on structuring and incorporate and license your entity, as well as provide regulatory services that can be packaged according to your own scale and requirements, including MLRO appointments and the drafting of AML policies and procedures.

Where Marbury is also providing fund and entity administration services, we can provide a complete streamlined service which can work out to be more cost effective; clients only need to liaise with a single provider who already holds the relevant KYC records or is able to obtain the same directly on behalf of the entity, and as administrator Marbury already has an insight into the management and operations of the entity.

For further information see Marbury’s Regulatory Advisory Services or contact celeste.goosen@marburys.com or allie.braithwaite@marburys.com to learn more about our Fund Services.