Administrative Penalties $219,000 and Warning Letters - Vistra (BVI) Limited (2024-09-30)

Summary

This is an enforcement notice from the BVI Financial Services Commission detailing administrative penalties and warning letters issued against Vistra (BVI) Limited for breaches of anti-money laundering rules. It records completed enforcement action rather than imposing new ongoing obligations on other entities.

• Administrative penalty: $219,000.00 imposed for contraventions including enhanced customer due diligence, failure to review and update CDD, testing of business relationships, reliance on third parties, verification of individuals, and verification of legal persons under the AML Regulations and AMLTF Code of Practice.
• Warning letters: Five warning letters issued for further contraventions covering internal audit requirements, reliance on third parties, verification of individuals and legal persons, and record keeping under the AML Regulations, AMLTF Code of Practice and Regulatory Code.
• Matter reference: Matter ID ENF090624/031, dated 30 September 2024.

The notice is purely a public disclosure of enforcement action taken against a named licensee and does not create new rules or continuing obligations for other regulated entities.