The Financial Services Commission has signalled a stronger stance in the year ahead.
Outlining key ambitions for the next 12 months, agency head Kenneth Baker stressed the need to adapt to a rapidly evolving financial landscape.
Mr. Baker, who is managing director and CEO of the commission, said the organisation aims to “drive” change in the Virgin Islands fiscal sector, not just regulate it.
“Our ability to adapt, innovate and lead with purpose has never been more critical. This is about driving meaningful progress that benefits the industry and its stakeholders,” Mr. Baker said in a statement last week setting out goals for 2025.
Priorities
He added that the commission’s strategic outlook for the coming year will focus on key priorities such as embracing the “digital revolution” and enhancing the supervisory framework for virtual asset service providers.
Additionally, he said, the FSC will work to ensure employees are able to better address “real-world challenges” such as fraud prevention.
Another priority will be expanding industry guidance via outreach initiatives, according to the CEO.
“Our goal is clear: to not only keep pace with change but to drive it, ensuring that financial services remain relevant, accessible and secure for everyone,” he said.
Supervision
Other areas of focus for the watchdog in 2025 will include enhanced risk-based supervision, which will be a “cornerstone” of the body’s activities, according to the FSC.
“By deploying advanced tools, the commission will continue to enhance its regulatory oversight, refining its compliance frameworks and exploring dynamic fee models to address emerging risks proactively,” the agency stated in a press release.
Mr. Baker added that the commission will continue its work on implementing a “robust” beneficial ownership register. The register is set to be reformed by mid-2025.
“These measures align with stringent international standards and reflect the commission’s unwavering commitment to integrity and accountability,” the CEO said.
Development
Also important in keeping the VI competitive is fostering product development through stakeholder partnerships and legislative reviews, according to Mr. Baker.
Forums and consultations are planned throughout the year as well, with a “meet-the-regulator” session focused on links with Asia set for today.
“These efforts will undoubtedly strengthen collaboration with stakeholders in key markets, ensuring their voices shape the commission’s strategic initiatives,” the CEO said. “By enhancing engagement, we create opportunities for meaningful collaboration.”
Transparency
The FSC has also pledged greater transparency.
“The commission will launch its corporate calendar for 2025 to further promote transparency and accountability,” the release stated. “This calendar will outline the commission’s planned activities, providing stakeholders with clarity on its priorities and milestones. The calendar will also serve as a platform for industry feedback, fostering alignment and collaboration on important regulatory matters.”
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