2019 US Virgin Islands Code
Title 9 - Banking
Chapter 5 - Regulation and Supervision of Banks and Foreign Banks
§ 64. Reports of banks and foreign banks; penalties
(a) Every bank or foreign bank shall make at least one report each year to the Banking Board within ninety days after close of the bank's fiscal year, and according to forms to be prescribed by it, verified by the oath of the chief executive officer and attesting officer, certifying and subscribing under oath that each of them has personal knowledge of the facts stated therein and that the same are true.
- Such reports shall exhibit in detail and under appropriate heads the resources and liabilities of the bank or foreign bank, provided that such reports by foreign banks shall show separately both the United States Virgin Islands operation and the complete operation of such foreign bank; and such report in condensed form shall be also published, at the expense of the bank or foreign bank, at least once in a newspaper of general circulation in each judicial division of the United States Virgin Islands.
(b) Each bank shall report to the Banking Board twice each year detailing all fees, charge and penalties levied upon all financial or advisory transactions.
(c) The Banking Board may also call for special reports from any bank or foreign bank whenever in its judgment the same are necessary in order to obtain a full knowledge of its condition.
(d) Whoever certifies and subscribes any report required by this section which is false in any material effect shall be fined not more than $1,000 or imprisoned not more than one year, or both.
(e) Any bank or foreign bank which fails to make, transmit, and publish any report required under this section shall be subject to a penalty of $10 per day for each day's delay after the period specified in this section. Any bank or foreign bank shall be deemed to have transmitted said statement to the Banking Board on and after the day when such bank has deposited the same in a United States Post Office in any town in the United States Virgin Islands, properly addressed to the Banking Board, postage prepaid and registered.
(f) Whoever wilfully and knowingly subscribes to, or makes or causes to be made any false statement, or enters any false figures, statements, or entry in the books of any bank or corporation transacting a banking business in the United States Virgin Islands, or knowingly subscribes to, makes or circulates any false report or statement about the condition of any bank or banking corporation within the United States Virgin Islands, with intent to deceive the Banking Board or any person authorized to examine into the affairs of said bank or corporation, shall be imprisoned not more than five years.
(g) Once made, each report and the contents thereof shall be deemed public records, and shall be made available for inspection, review and any other lawful purpose, upon request of any person.
