Administrative Penalties $20,000.00 - EAST ASIA CORPORATE SERVICES (B.V.I.) LIMITED (2017-07-04)

Summary

This is an enforcement notice published by the BVI Financial Services Commission (FSC) disclosing that it imposed an administrative penalty of $20,000.00 on East Asia Corporate Services (B.V.I.) Limited. The penalty was levied under Schedule 4 of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 (the AMLTF Code) for breaches of specific customer due diligence provisions.

• Section 19(2): Contravention of requirements for customer due diligence.
• Section 20: Contravention of requirements for enhanced customer due diligence.
• Section 21: Failure to update customer due diligence information.
• Section 31: Contravention of requirements relating to written introductions.

The notice is a public record of a completed enforcement action against a named entity and does not itself impose any new ongoing rule or requirement on other firms, though it signals the FSC's expectations and enforcement priorities under the AMLTF Code for trust and corporate services providers generally.

Applies to

Trust & Corporate Services Providers