Administrative Penalties to the total of $125,000 - ALEMAN, CORDERO, GALINDO & LEE TRUST (BVI) LIMITED (2025-11-21)

Summary

This is a notice from the BVI Financial Services Commission (FSC) announcing an enforcement action against Aleman, Cordero, Galindo & Lee Trust (BVI) Limited. It records that administrative penalties totalling $125,000.00 were imposed on the entity for breaches of the Anti-Money Laundering Terrorist Financing Code of Practice, 2008.

• Contraventions found: Section 20 of the AMLTF Code of Practice (requirements of Enhanced Customer Due Diligence) and Section 21 (requirement to review and keep up to date Customer Due Diligence).
• Penalty imposed: Aggregate administrative penalties of $125,000.00 against the licensee.
• Action date: 21 November 2025 (Matter ID 112125/060).

The notice is informational, publicising a completed enforcement outcome rather than imposing new ongoing requirements on other entities. It serves as a reminder to trust and corporate service providers of the FSC's expectations regarding enhanced due diligence and ongoing CDD review under the AMLTF Code of Practice.

Applies to

trust companies