Denice and her team collectively have more than 25 years of experience within the BVI, US and internationally. “We focus on helping organisations adhere to regulations, policies, and standards while mitigating potential risks”, says Denice, who studied at Framingham State University where she graduated with a Bachelor’s Degree in Business Management and a minor in Political Science. She has a Bachelor of Laws (Honors) from the University of London, and a Diploma in Risk and Compliance from the International Compliance Association. Recently she obtained a Certificate in Fintech.
She has held roles at major law firms and a “Big 4” accounting firm in the US. In the BVI she was Chairperson of the Association of Registered Agents, is a member of the Association of Compliance Officers and a Commissioner of Oaths.
What is an MLRO and why does your business need one?
The 2024 amendments to the BVI Business Companies Act, the BVI Anti-Money Laundering Regulations, and the Anti-Money Laundering and Terrorist Financing Code of Practice have established a legal requirement for relevant businesses to appoint a Money Laundering Reporting Officer (MLRO).
“These updates underscore the Virgin Islands’ commitment to upholding a strong, contemporary framework for combating financial crimes, ensuring that regulated entities are prepared to meet global AML and terrorist financing standards,” says Denise.
Restaurants, hotels, marinas, yachting companies, jewellery stores and real estate companies are increasingly required to have an MLRO. “Drawing attention to the critical need for MLRO and audit services in these industries is essential for ensuring compliance, safeguarding assets, and fostering trust” Denice continues.
Businesses in these sectors handle large transactions – often in cash. Hotels and restaurants, for example, process a high volume of daily transactions in which the use of cash is not unusual. “Making them vulnerable to exploitation for money laundering or financing terrorism, as cash leaves fewer digital trails” says Denice.
Marinas and yachting companies can expect to count high-net-worth individuals, including foreign nationals, as their clients exposing themselves to the risk of money laundering especially if the funds received originate in countries with lax regulations or limited financial transparency. Therefore, it is wise for businesses in these sectors to appoint a qualified MLRO to train employees on AML legislation, how to identify when a transaction is suspicious and advise on how to handle it.
Denice is certified to advise on Financial Technology including Cryptocurrency and Blockchain. Given that these fields are still emerging, her expertise is pertinent to the maritime industry.
The 2024 amendments to the BVI Business Companies Act, the BVI Anti-Money Laundering Regulations, and the Anti-Money Laundering and Terrorist Financing Code of Practice will have significant impact in the Financial Services Industry in which OCR Solutions are already experts.
