(a) “Affiliate” means a corporation partnership, limited liability company business trust, or any other legal organization or entity that controls, is controlled by, or is under common control with any other of these entities.
(b) “Bank Secrecy Act (BSA)” means the federal Bank Secrecy Act of 1970, as amended by title III of the USA PATRIOT Act, codified in 31 U.S.C. 5311-5330, as amended from time to time, to fight money laundering in the United States and require businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax and regulatory matters.
(c) “Board” means the Virgin Islands Banking Board.
(d) “Domestic Person” means any natural person who is a resident of the Virgin Islands or a person incorporated or organized under the laws of the Virgin Islands, or a person whose principal place of business is located in the Virgin Islands, and the Government or any political subdivision or agency of the Territory of the Virgin Islands.
(e) “Foreign Person” means any person who is not a domestic person.
(f) “International Financial Services Entity” means any person, other than an individual, incorporated or organized under the laws of the Virgin Islands, the United States, or a foreign country, or a unit of such person, to which a license has been issued pursuant to section 721. International financial services entities include international banking entities licensed before December 14, 2016.
(g) “Insolvency” means the financial condition in which an international financial services entity may find itself or the person of which an international financial services entity is a unit, when it is unable to pay its debts when they become due or when its paid-in capital has been reduced to less than one-third (1/3).
(h) “License” means permission granted by the Board of the Division of Banking, Insurance and Financial Regulation to operate an international financial services entity (IFSE) under the provisions of this chapter.
(i) “Office of Foreign Assets Control (OFAC)” means the Office located within the United States Department of Treasury that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotic traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.
(j) “Person” means an individual, corporation, partnership, association, unit, trust or estate, syndicate or enterprise of any kind, government or political subdivision or agency thereof.
(k) “Regulations of the Board” means the regulations adopted by the Board, under section 717.
(l) “Resident of the Virgin Islands” has the meaning that appears in title 26 U.S.C. 932 and subsequent regulations enacted by the U.S. Department of the Treasury.
(m) “The United States” means the United States of America, any state of the United States, the District of Columbia, and every possession, territory, political subdivision, and agency thereof, excluding the Virgin Islands.
(n) “Unit” means a subdivision or branch of any person other than an individual, whose business and operations are segregated from the other business and operations of such person, as required by this chapter.
(o) “Virgin Islands” means the territory of the United States as defined in section 2 of the Revised Organic Act and each of its political subdivisions and agencies.