Administrative Penalties $25,000.00 - BLENHEIM INSURANCE MANAGEMENT (BVI) LIMITED (2017-03-31)

Summary

This is an enforcement notice from the BVI Financial Services Commission publishing that it imposed an administrative penalty of $25,000.00 on Blenheim Insurance Management (BVI) Limited, an insurance manager, for breaches of the Anti-money Laundering and Terrorist Financing Code of Practice, 2008 (AMLTF Code).

• Section 11: Failure to meet the requirement to establish an internal control system.
• Section 14: Failure regarding the responsibility of senior management under the AMLTF Code.
• Section 48(1): Failure regarding the frequency, delivery and focus of AML/CFT training.

The penalty was imposed under Schedule 4 of the AMLTF Code, 2008. The notice is a record of a completed enforcement action (Matter ID: BF101113/395) and does not itself create new ongoing compliance requirements for other entities, though it illustrates the FSC's enforcement priorities around internal controls, senior management responsibility, and AML/CFT training.

Applies to

insurance managers