What is a Risk Based Approach?

This approach to managing risk and expectations allows financial institutions to focus their resources on those customers, accounts, and transactions that are most vulnerable to money laundering and terrorist financing. A common way to facilitate this is to use a client profile risk-weighting scheme.

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How Do I Become A Member?

All compliance officers and practitioners in the British Virgin Islands or other individuals at the discretion of the Council shall be eligible for membership.

There shall be one class of membership.

Applications for membership shall be made in writing to the Council in a prescribed format. Upon approval by the Council and payment of the appropriate subscription fee, membership will be granted.     

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TERMS OF MEMBERSHIP 

A member may resign from the Association at any time upon written notice to the Council and the resignation will be effective from the date of receipt.

Membership shall cease if the member fails to pay the annual subscription fee within thirty (30) days of written demand.

Should a member of the Association be considered to be in breach of the spirit and intent of the Association and its objectives, the Council reserves the right to terminate the membership of that member, by giving notice in writing to the member, after the member has had an opportunity to refute the allegation.

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MEMBERSHIP FEES

Members shall pay an annual subscription, the amount of which shall be determined each year at the Annual General Meeting. The initial fee shall be $150.00.Subscription dues are to be payable annually in advance, by 31 January each year. 

New members shall pay the annual subscription for the current year as at the date of their becoming members.

The General Meeting may authorize any additional levies necessary to carry out such extraordinary activities as may serve the objectives of the Association. 

Annual subscriptions shall not be refundable.

No member shall be held personally responsible for the liabilities of the Association and no member shall be held personally liable for the actions of the Association.

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