V.I. Code tit. 9, § 730a (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 730a. Denial of a License

 The Board may deny the issuance of a license or revoke a license for any one of the following reasons: (1) providing incorrect, misleading, incomplete or materially untrue information in the license application; (2) violating or failing to comply with any financial services or other applicable law, rule, subpoena, consent agreement, or order of the Board; (3) obtaining, maintaining, or attempting to obtain a license through material misrepresentation or fraud; (4) improperly withholding, misappropriating or converting any money or properties received in a fiduciary capacity; (5) intentionally misrepresenting the terms, benefits, value, cost, or effective dates of any financial services permitted transaction; (6) having been convicted of or pleaded guilty or no contest to a felony regardless of whether a judgment of conviction has been entered by the court; (7) having been convicted of or pleaded guilty or no contest to a misdemeanor that involves the misuse or theft of money or property belonging to another, fraud, forgery, dishonest acts, or breach of a fiduciary duty that is based on any act or omission relating to a financial services permitted transaction, or that involves moral turpitude regardless of whether a judgment has been entered by the court; (8) having admitted or been found to have committed any unfair trade act or practice or financial services fraud; (9) using fraudulent, coercive, or dishonest practices, or demonstrating incompetence, untrustworthiness or financial irresponsibility in the conduct of business in this Territory or elsewhere; (10) having a financial services-permitted transaction license, or equivalent, denied, suspended or revoked in any other country, state, province, district or territory; (11) having been fined or issued an order by another country, state, province, district or territory regulatory authority for a violation of the Currency and Foreign Transactions Act of 1970, the Money Laundering Control Act (1986), the Anti-Drug Abuse Act of 1988, the Annunzio-Wylie Anti-Money Laundering Act (1992), the Money Laundering Suppression Act (1994) or the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001; (12) forging or causing the forgery of another’s name to a license application or to any document related to a permitted transaction; (13) failing to pay income taxes in accordance with Virgin Islands and Federal laws or to comply with any administrative or court order directing payment of income or corporate taxes in accordance with Virgin Islands and Federal laws; (14) failing to respond to an order or request of the Board within 15 days after the request; (15) proving to be untrustworthy, or a source of injury and loss to the public or if the Board considers the licensee to be so; (16) performing or attempting to perform permitted transactions allowed under this chapter, but that are outside the scope of the license; (17) performing or attempting to perform transactions prohibited under this chapter; (18) engaging in any activity for which issuance of the license could have been refused had it then existed and been known to the Board; or (19) engaging in any other action as determined by the Board pursuant to the laws and regulations of the Territory that warrants the denial or revocation of a license.