Governance, Controls, and Personal Accountability

Governance, Controls, and Personal Accountability is Course 6 of 6 in the StudyAML British Virgin Islands Series. This course explains how AML governance works in practice, from board oversight to individual accountability under BVI law. It focuses on what regulators expect to see, how responsibilities are exercised day to day, and where failures most often occur. Clear oversight. Effective controls. Personal responsibility.

20 - 25 minutes

Certificate Included

British Virgin Islands

Description

This self paced course provides a practical overview of AML governance, controls, and personal accountability within the British Virgin Islands regulatory framework. Designed to be completed in 20 to 25 minutes, it is suitable for directors, senior management, MLROs, deputy MLROs, compliance officers, and risk professionals. The course explains how AML responsibilities are allocated and exercised across the organisation, including board and senior management oversight, the statutory role of the MLRO, and the operation of policies, procedures, and internal controls. It highlights how BVI regulatory expectations align with international standards, including the FATF Recommendations, while reflecting local supervisory practice. Learners will explore how governance failures arise in real situations, how issues should be escalated and remediated, and how regulators assess behaviour during inspections. The course focuses on judgement, evidence, and accountability, helping participants understand not only what the rules require, but how compliance is expected to function in practice within a regulated firm.

What will you learn?

Module 1: Governance Requirements under BVI LawThis module explains the governance responsibilities of boards and senior management under BVI AML legislation. Learners will understand how oversight is exercised in practice, how the three lines of defence operate, and why accountability cannot be delegated away, even where functions are outsourced or assigned to control roles.
Module 2: The Role of the MLRO and Deputy MLROThis module examines the statutory duties of the MLRO and the importance of independence, authority, and access to decision makers. Learners will explore regulatory expectations for escalation, the role of the Deputy MLRO, and how failures in these areas create supervisory and enforcement risk.
Module 3: Policies, Procedures, and ControlsThis module focuses on what regulators expect to see in AML policies, procedures, and internal controls. Learners will understand how a risk based approach should be reflected in documentation and operations, common weaknesses identified during inspections, and how firms demonstrate control effectiveness through evidence.
Module 4: Training and CompetenceThis module explains AML training obligations and the difference between general awareness and role specific training. Learners will explore how competence is assessed, why training records matter, and how effective training supports governance, culture, and individual accountability.
Module 5: Regulatory Inspections and EnforcementThis module explains how the BVI Financial Services Commission approaches supervision, what inspections focus on, and how firms should prepare. Learners will understand common triggers for enforcement action and how inspection outcomes are influenced by governance, behaviour, and responsiveness to identified issues.