Customer due diligence risks in the BVI

Accountants need to ensure client due diligence is prioritised as tougher rules on identifying financial crime in the British Virgin Islands raise stakes for professional services firms operating in the jurisdiction, explains Scott Cruickshank, partner at HFW

In May 2025, the government of the British Virgin Islands (BVI) issued a strong public statement reaffirming its commitment to international standards in financial services compliance and regulation.

This response to external scrutiny was accompanied by a renewed push to educate both the public and private sectors through initiatives such as the Business Done Right campaign. The campaign is anchored in five core principles - responsibility, integrity, global awareness, honesty and transparency - and is spearheaded by the National Anti-Money Laundering and Countering the Financing of Terrorism Coordinating Council (NAMLCC).

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