Administrative Penalties $57,500 and Warning Letters - Vistra Trust (BVI) Limited (2024-09-30)

Summary

This is an enforcement notice published by the BVI Financial Services Commission disclosing an administrative penalty and warning letters issued against Vistra Trust (BVI) Limited for breaches of anti-money laundering and record-keeping requirements. It is a public disclosure of a completed enforcement action rather than a rule imposing new ongoing obligations on the wider industry.

• Administrative penalty: $57,500.00 imposed for contraventions of section 20 (Enhanced Customer Due Diligence) and section 21 (review and keep up to date CDD) of the AML/TF Code of Practice, 2008.
• Warning letter 1: Issued for contraventions of sections 42 and 43 of the AML/TF Code of Practice, sections 38 and 39 of the Regulatory Code 2009, and section 11 of the AML Regulations, all relating to record keeping.
• Warning letter 2: Issued for contraventions of section 11(3A) of the AML/TF Code of Practice and section 32 of the Regulatory Code, relating to the internal audit function.
• Matter reference: Recorded under Matter ID ENF090624/032.

The notice serves as a public record of the enforcement outcome against this specific licensee and does not itself create new compliance requirements for other regulated entities, though it signals FSC expectations around CDD, record keeping and internal audit under the AML/TF Code of Practice and Regulatory Code.

Applies to

trust companies, licensees under the Regulatory Code 2009