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Regulatory Round-up

New Beneficial Ownership Obligations on BVI Trustees

On 10 December 2024, the Trustee (Amendment) Act, 2024 (the “Amendment Act”) came into force in the British Virgin Islands (“BVI”). The Amendment Act introduced new obligations on trustees, particularly in relation to the maintenance of beneficial ownership information.

Maintenance of Beneficial Ownership Information

Trustees are now required to collect, keep, and maintain accurate and up-to-date information on beneficial owners of the trust. This includes verifying the identity of the beneficial owners to ensure the information is adequate and accurate.

The term “beneficial owner” encompasses the trustee, settlor, protector (if any), beneficiaries with a vested interest, and any other natural person exercising ultimate effective control over the trust.

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