Stephen Baker and Eltin Ryle discuss BVI Regulatory Changes 2026

It is no secret that BVI‘s regulatory landscape is changing rapidly.

The Financial Action Task Force (FATF) has brought international pressure to tighten-up AML and CTF enforcement practices by placing the BVI on their grey-list.

Since then, new requirements for filing of Ultimate Beneficial Ownership (UBO) information have come into effect, as have new obligations to provide certain prescribed financial information in the form of an Annual Return. Not to mention the new digital AMLive Suspicious Activity Report (SAR) regime, the Legitimate Interest framework or the introduction of Virtual Asset Service Provider (VASP) licensing.

Baker & Partners’ Global Managing Partner Stephen Baker sat down with Eltin Ryle (Counsel, BVI) to discuss these significant developments.

Eltin, who joined our BVI office earlier this year, has significant experience in regulatory matters, both on the defence and enforcement sides. Previously, he advised on the first-of-its-kind regulatory investigation against a multinational accountancy firm for breach of the EU Statutory Audit Regulations.

Check out their discussion below:

Navigating regulatory developments can be bewildering, for both individuals and institutions alike. Because they are new and untested there can be serious doubt as to how they should be applied, and what the results should be.

Baker & Partners has always been at the forefront of providing advice in this area. We have acted for regulators and the prosecution, as well as for individuals and financial businesses.

We know our way around the thicket of regulatory provisions, and work to achieve the best outcome for our clients. Our services include advice and representation in the context of:

• Regulatory investigations.
• Remedial actions.
• Sanctions compliance.
• Freeing frozen funds.

Baker Regulatory helps financial services businesses and designated non-financial services businesses manage risk and achieve compliance.

The Baker Regulatory team consists of seasoned financial services professionals with decades of experience in industry client-facing and support roles as well as law enforcement and regulation. We have a proven track record in:

• Developing internal policies and user-friendly procedures aligned with regulatory requirements.
• Identifying and assessing AML-related vulnerabilities within a business and providing support to remediate.
• Delivering bespoke training programmes for senior management teams and employees to ensure a robust understanding of regulatory requirements and obligations.
• Offering emergency risk and compliance support as and when businesses require.
• Identifying areas where a firm’s board and governance structure could be improved.

If you would like advice in regards to the recent BVI Regulatory changes, please get in touch with your usual Baker & Partners contact, or reach out to Eltin Ryle (Counsel, BVI) to discuss how we can support you.