BANKING SYSTEM OF BVI

The December 2001 enactment of the Financial Services Commission Act, 2001 established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the BVI. Such services include insurance, banking, trustee business, company management, mutual funds business as well as the registration of companies, limited partnerships, intellectual property and ships. As a result, the Commission now oversees all regulatory responsibilities previously handled by the government through the Financial Services Department. The Banking and Fiduciary Division ensures that all banks and corporate service providers operating in and from the BVI comply with international regulatory standards, established best business practices and relevant BVI laws.

The BVI has developed a modern financial infrastructure that handles the due diligence and business requirements of today's banks and trust companies, starting with the Banks and Trust Companies Act of 1990 and continuing with amendments to the Act in 1995.
The Commission has also been tasked with new responsibilities including promoting public understanding of the financial system and its products, policing the perimeter of regulated activity, reducing financial crime and preventing market abuse.
The legal requirement for obtaining a banking license in the Virgin Islands is governed by the Banks and Trust Companies Act, 1990. Section 3 of this Act provides that no person or company incorporated in the Virgin Islands shall carry on banking business from within the Virgin Islands, unless that person or company has obtained a license under this Act. Further, section 4(4) of this Act states: "If the Commission is satisfied that an application to carry on banking business is not against the public interest and that the applicant is a person qualified to carry on banking business, it may grant the application and issue to the applicant a license subject to such terms and conditions as it thinks fit."

Financial Institutions Operating
Currently there are the following banking institutions licensed in the BVI:

BANCO POPULAR DE PUERTO RICO
FIRSTBANK VIRGIN ISLANDS
FIRST CARIBBEAN INTERNATIONAL
LONDON INTERNATIONAL BANK AND TRUST COMPANY LTD
RATHBONE BANK (BVI) LIMITED
THE BANK OF EAST ASIA (BVI) LTD
VP BANK (BVI) LTD
SCOTIABANK (BRITISH VIRGIN ISLANDS) LIMITED