Chambers Banking And Regulation 2025: British Virgin Islands Chapter

1. Legal Framework

1.1 Key Laws and Regulations

The principal legislation governing the British Virgin Islands' (BVI) banking sector is the Banks and Trust Companies Act, Revised Edition 2020 (as amended) (BTCA) and the Banks and Trust Companies Regulations, Revised Edition 2020. The BVI Regulatory Code (Revised 2020) has the status of delegated or subsidiary legislation and sets out certain principles of business and explanatory notes that apply to all BVI licensees (including banks), along with additional requirements specific to banks.

The Financial Services Commission (FSC) is the regulator responsible for supervising banks in the BVI.

2. Authorisation

2.1 Licences and Application Process