As of 1 January 2016, beneficial ownership information of BVI companies will be required to be held within the BVI and relevant information requested by Competent Authorities [must] be provided expeditiously by a more effective and efficient system. Service providers in the BVI will be required to become compliant with these requirements for existing companies within twelve months, with a possible extension in specific circumstances. The information required to be held will include company beneficial owners' names, dates of birth, residential addresses and nationalities. In addition to the introduction of these enhancements to the [money laundering] requirements, the BVI Business Companies Act, amongst other things, will be amended to include a requirement for the private filing of registers of directors for all companies.