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PRESS RELEASE - REGULATORS IN BVI BEGIN PROCESS TO WIND DOWN OPERATIONS OF BANK OF ASIA (BVI) LIMITED

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PRESS RELEASE - REGULATORS IN BVI BEGIN PROCESS TO WIND DOWN OPERATIONS OF BANK OF ASIA (BVI) LIMITED

Thu, 05/29/2025 - 22:06 / 0 Comments

Submitted by vjohn on Thu, 05/29/2025 - 22:06

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VIDIC LEGISLATIONS

Depositors of financial institutions in the Territory will be provided protection following the enactment of the Virgin Islands Deposit Insurance Act 2016. The Government of the Virgin Islands acknowledged the need to offer some level of security to depositors and has enacted the Virgin Islands Deposit Insurance Act 2016 (VIDIC Act) providing the necessary framework to achieve this. The VIDIC Act was passed on April 25, 2016 and amended on March 10, 2023.

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Virgin Islands Deposit Insurance Corporation

Address: No. 89 Main Street, Abbott Building 3rd Floor Road Town, Tortola British Virgin Islands VG 1110
Phone: (284) 340-1695
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