Evorich is committed in the fight against money
laundering. As part of our regulatory obligation and our efforts to combat money laundering, we have
appointed an officer that is responsible for Anti Money Laundering and is accountable to senior management. Evorich requires all personnel to complete training in Anti-Money Laundering and our
internal Compliance Procedures.
The Money Laundering Reporting Officer (“MLRO”)
The MLRO’s functions is to receive all reports of suspicious activities from staff. The MLRO is responsible
for overseeing the implementation of the policies and procedures set out in this AML Policy, determining
whether and to what extent to report suspicious activities to the BVI Financial Investigation Agency (the
“FIA”), responding to requests made by the FIA for information, and resolving any issues or differences of
opinion arising out of this AML Policy.
The Financial Investigation Agency
In the BVI, reports on money laundering and terrorist financing activities are made to the Financial
Investigation Agency (“FIA”) set up under the Financial Investigation Agency Act, 2003.
Four key policies
Evorich has in place four primary policies that are designed to assist in the recognition,
prevention and reporting of money-laundering activities. We summarise these as follows:
- Policy 1: Know Your Client (“KYC”)
- Policy 2: Beneficial Owner Verification (“BOV”)
- Policy 3: Suspicious Activities Reporting
- Policy 4: Systems, Controls, and Training
The BVI legislation
Anti-money laundering legislation in the BVI, and indeed worldwide, recognises the use of professional
services for money laundering. The AML (Anti-Money Laundering) and CFT (Combating the Finance of
Terrorism) laws in these various jurisdictions have therefore been extended to apply beyond the traditional
regulated institutions to include independent legal professionals and trust and company service providers. The
anti-money laundering legislation of the BVI is contained principally in:
- the Proceeds of Criminal Conduct Act, 1997 (as amended) (the “PCCA”);
- the Anti-Money Laundering Regulations, 2008 (the “Regulations”);
- the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 (as amended) (the
The Regulations and Code create mandatory requirements:
- to know the name of and verify the identity of one’s customer or investor and keep proper records of
- to keep proper records of transactions with investors or customers for a minimum period of at least 5
- to have internal controls and reporting procedures, including training of employees to prevent money
laundering and the appointment of a MLRO.
Failure to comply with the PCCA, Regulations or the Code constitutes either a criminal offence or
administrative contravention. In brief the Evorich Anti-Money Laundering Statement’s
key principles are:
- Protect Evorich from money laundering & terrorist financing.
- Maintain a written set of AML policy and procedures, a system of internal controls to ensure ongoing
AML compliance by a designated person(s) and to take appropriate
- Comply with applicable anti-money laundering & terrorist financing laws and regulations as
established by the Financial Services Commission, British Virgin Islands.
- Evorich anti-money laundering policies will apply to all business units.
- Report all identified suspicious activities to the extent that it can do so under all applicable foreign and
- Retaining the entire customer related documents for a period specified as per the Financial Services
Commission, British Virgin Islands.
- Evorich does not offer services of opening anonymous accounts.
- Cooperate fully with law enforcement and regulatory agencies to the extent that it can do so under all
- Train staff on Know Your Customer and Anti-Money Laundering policies and new AML laws and
For further AML inquiries please contact us