Leading Individuals

Next Generation Partners

Rising Stars

Regulatory and compliance in British Virgin Islands

Harneys

Harneys' BVI-based regulatory practice continues to secure a leading role in advising both regulated and non-regulated entities on anti-money laundering and terrorist financing compliance, financial services regulations, sanctions, data protection work and economic substance issues. The global regulatory and tax team is headed up by Philip Graham, whose focus is on trust company and insurance regulation, and BVI enforcement actions. Joshua Mangeot is noted for advising on BVI economic substance requirements, especially in the banking and technology sectors, while counsel Ayana Hull specialises in licensing, continuing obligations and regulatory and enforcement actions, and leads the BVI regulatory practice. Senior associate Kimberly Seagojo is also highly recommended.

Practice head(s):

Ayana Hull; Philip Graham


Other key lawyers:

Joshua Mangeot; Kimberly Seagojo


Testimonials

‘Very responsive; user-friendly practical advice.’

‘Knowledgeable on BVI corporate, investment funds regulatory and sanctions compliance issues.’

‘The Regulatory team at Harneys is the best there is for BVI in my opinion.’

‘The team is commercial and solutions driven.’

‘Their ability to provide sound and practical advice that clients are able to digest easily makes them stand out.’

‘Harneys has a strong pool of capable lawyers. They stand out in terms of team size and experience.’

‘Kimberly Seagojo  is on top of legal developments and really works hard to deliver a great service.’

Key clients

Midis Group


Superior Lodging Corp.


Ogier

Ogier’s ‘remarkable ability to navigate complex legal matters with finesse’ makes it a standout in the BVI regulatory and compliance market, routinely advising fintech players and high-profile virtual asset service providers on blockchain technologies, initial coin offerings (ICOs) and token issuances. Regulatory advice, investment business licensings, registrations and anti-money laundering compliance work are further core workflows of the practice, which is led Michael Killourhy, who is noted for his ‘proactive and insightful approach’ to regulatory and compliance issues. Head of the funds and regulatory practice Simon Schilder regularly advises on regulatory applications to the BVI Financial Services Commission. while Ray Wearmouth is a seasoned transactional lawyers known for leading complex multi-billion transactions. Praised for his ‘unparalleled grasp of the fintech sector’, managing associate David Mathews is also highly recommended.

Practice head(s):

Michael Killourhy


Other key lawyers:

Simon Schilder; Ray Wearmouth; David Mathews


Testimonials

‘Their uniqueness lies in their unparalleled expertise, unwavering dedication and exceptional understanding of the market dynamics. The team’s strengths and key capabilities encompass a remarkable ability to navigate complex legal matters with finesse, ensuring optimal results for their clients. I would wholeheartedly recommend them to anyone seeking regulatory and compliance lawyers in the BVI. Our go to team in this space.’

‘Working with David Mathews is an absolute pleasure. His unparalleled grasp of the fintech sector sets him apart from others. As clients, we have benefited immensely from his out-of-the-box thinking, which has proven invaluable on numerous occasions. Notably, his meticulous attention to detail shines through in the documents he drafts, even when handling highly intricate matters, ensuring clarity and comprehension.’

‘Michael Killourhy is an exceptional partner and legal professional. His expertise in the offshore world, particularly in regulatory and compliance law, is truly commendable. His vast knowledge and years of experience have made him a standout in the field, consistently delivering solutions to complex legal matters. His proactive and insightful approach to navigating regulatory challenges has proven invaluable time and again.’

‘Ogier’s team is always very responsive, good with giving business-oriented advice and solving solutions. They are very easy to work with and I can recommend them to all clients.’

‘We work with Michael Killourhy and David Mathews. Both are quick and accurate in their responses, they have strong industry knowledge across multiple jurisdiction and give great insights.’

‘Excellent service, quality advice, good communication and delivery.’

‘Michael Killourhy and David Mathews from Ogier BVI are standout advisers. Both highly capable who always deliver.’

Key clients

1GCX


Amino


Bank of America, N.A.


CEDEN Network


ChainSafe


Emergent Games


J.P. Morgan Alternative Asset Management, Inc.


Joint Liquidators of Three Arrows Capital, Ltd


Lago Consortium


Nexon Co, Ltd.


Oxbridge RE


Snapmuse Müzik Teknolojileri A.S.


Société Générale Americas


State Street Bank and Trust Company


Van Eck Associates


Vokal Media


Worldcoin Foundation


Work highlights


  • Advised Oxbridge Re on all BVI virtual asset, insurance and other financial services regulatory aspects of the structuring and offering of tokenised collateralised reinsurance securities through its BVI subsidiary SurancePlus Inc.
  • Advised Worldcoin Foundation and Tools For Humanity on the virtual asset and other financial services regulatory aspects related to the creation of its Worldcoin token.
  • Advised the Joint Liquidators of Three Arrows Capital on BVI investment business, investment funds, virtual asset and other financial services regulatory matters.

Walkers BVI

Spearheaded by fintech regulation expert Lucy Frew from Cayman, Walkers BVI assists a varied client base across the banking, insurance and reinsurance, and investment sectors on a host of financial regulation and risk management issues, as well as contentious and advisory matters. Data protection, cross-border compliance and risk management specialist Sara Hall is based in London and is known for advising on OECD compliance, while senior counsel Iona Wright, who is the primary contact based in the BVI, is praised by clients for her knowledge of financial services regulatory matters, governance work and corporate transaction regulatory support.

Practice head(s):

Lucy Frew


Other key lawyers:

Sara Hall; Iona Wright


Testimonials

‘From start to finish, the Walkers team demonstrated an unparalleled level of professionalism, expertise, and dedication that truly set them apart.’

‘‘Throughout the legal process, Lucy Frew (Partner) demonstrated an impressive blend of professionalism and approachability. She was available to address my questions and concerns, providing timely updates and ensuring that I was well-informed every step of the way. Their communication skills are truly commendable and her advice was very commercial.’

‘Iona Wright and her team were very thorough, diligent and detail oriented. They had a good pulse on the current regulatory environment as well as what changes to keep an eye out for. The sector our company operates in is fast changing and often volatile, but the Walkers team we worked with was well versed in supporting us.’

‘Iona Wright was excellent to work with!’

‘Right from the initial consultation, it was clear that Walkers was invested in understanding my unique situation. The attorneys took the time to listen attentively, ask insightful questions, and gather all the necessary details. This personalised approach immediately put me at ease, as I knew I was in capable hands.’

‘Throughout the entire legal process, Walkers showcased an impressive depth of knowledge in their field. They explained complex legal jargon in a way that was easy for me to understand, ensuring that I was always well-informed and empowered to make the best decisions for my case. It was evident that they had a comprehensive grasp of the law and were well-prepared for any challenges that arose.’

‘Excellent team providing commercial and efficient advice. They are my go to firm in BVI.’

‘Sara Hall is excellent.’

Appleby

Praised for its ‘exceptional subject matter expertise and experience in digital assets and fund work’, Appleby‘s BVI regulatory team is spearheaded by Jeffrey Kirk and regularly advises clients in the emerging technologies, virtual asset and data management sectors on a host of regulatory issues related to blockchain, cryptocurrencies and digital assets. ‘Blending regulatory knowledge with commercial savvy’, Andrew Jowett divides his time between Jersey and the BVI and advises on securities and investment business, fintech, blockchain, digital asset and crypto mandates and the tokenisation of real world assets, while counsel Stuart Fee‘s broad practice encompasses the regulatory elements of blockchain-based token offerings, DeFi structures and smart contract projects. Shana Simmonds handles regulatory issues relating to corporate transactions, and senior associate Brittany Cummings is another key name for corporate-related regulatory matters.

Practice head(s):

Jeffrey Kirk; Andrew Jowett


Other key lawyers:

Stuart Fee; Brittany Cummings; Shana Simmonds


Testimonials

‘The Appleby team is experienced, thoughtful and responsive. They are capable of efficiently adapting to the role, regardless of the size. They provide clients comfort through rapid response, clear communication and deft drafting.’

‘Andrew Jowett is an ideal collaborator, blending regulatory knowledge with commercial savvy. Andrew takes pains to achieve consensus yet maintains his independence and direct client relationship. He has challenged assumptions where he believed appropriate but always in a collaborative fashion.’

‘The team has exceptional subject matter expertise and experience in digital assets and fund work, which spans multiple Caribbean jurisdictions. They are also extremely cost-effective.’

‘Andrew Jowett is our go-to attorney in the British Virgin Islands for issues relating to digital assets and fund work. An exceptional lawyer and also provides the most cost-effective legal services we have found in the Caribbean.’

‘Stuart Fee and Andrew Jowett – Prompt responses, understanding our nuanced structure, aware of new BVI rules and how they will apply to us.’

Key clients

Bitfinex


Hyperedge Technology Ltd


LedgerPrime


Tether


Joyfa Inc.


Oanda Corporation


Hidden Road Partners L.P.


Arbelos Ltd


Monetalis Services Limited


Blue Carbon Project


Karate Kombat


Fractal Network Ltd.


Carey Olsen

Carey Olsen continues to provide comprehensive advice to leading trust companies, funds and corporate clients on a range of contentious and non-contentious regulatory and compliance issues spanning virtual asset legislation and economic substance compliance. The team fields experienced practitioners including co-heads Clinton Hempel and Elizabeth Killeen, and acts for a varied client roster of trust companies, financial institutions, public and private businesses, and high-net-worth individuals. Counsel Jude Hodge is well versed in regulatory compliance, economic substance issues and anti-money laundering legislation.

Practice head(s):

Clinton Hempel; Elizabeth Killeen


Other key lawyers:

Jude Hodge


Key clients

Keyway (BVI) Limited


BF Virtual Assets Ltd.


FXAQ Ltd.


Work highlights


  • Advised Keyway (BVI) Limited on attaining a Class III Trust licence from the BVI Financial Services Commission.
  • Advised BF Virtual Assets Ltd. on BVI legal and regulatory matters in respect of certain fintech-related activities that it carries out, including preparing BF Virtual’s AML/Compliance Manual and reviewing and revising policies.
  • Assisting FXAQ Ltd. with the incorporation and launch of a BVI approved investment manager to a Singapore derivative trading entity.

Mourant

Mourant routinely offers regulatory advice to leading banks, multinational corporations and high-net-worth individuals both within and outside the BVI, while also leading high-profile and cross-border contentious regulatory inspections and investigations, and financial crime and disciplinary proceedings. Dual-qualified (BVI and Cayman) Sara Galletly notably concentrates her capabilities on anti-money laundering, beneficial ownership, economic substance, data protection and other evolving regulatory regimes; while finance, corporate and funds head Ian Montgomery is noted for his expertise in regulatory developments impacting funds, corporate structures and regulated entities. Counsel Saraid Taylor’s experience includes handling digital asset launches and providing economic substance advice.

Practice head(s):

Ian Montgomery; Sara Galletly


Other key lawyers:

Saraid Taylor


Work highlights


  • Advised various organisations with regards to economic substance classification for their BVI entities.
  • Advised various organisations on anti-money laundering regulations, policies and procedures.
  • Advised various organisations on business licences applications.