Administrative Penalty $10,000.00 - ARAMO TRUST CO. LIMITED (2015-10-26)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording that it imposed an administrative penalty of $10,000.00 on ARAMO TRUST CO. LIMITED. The penalty relates to breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, and is a completed enforcement action rather than an ongoing rule change.

• Contravention 1: Section 21(1) and (2) of the AML/TF Code of Practice, 2008, for failing to review and keep up to date customer due diligence information in the required manner.
• Contravention 2: Section 42 of the AML/TF Code of Practice, 2008, for failing to ensure proper record keeping.
• Reference: Matter ID BF101113/270; penalty amount $10,000.00; published 26 October 2015.

The notice is informational, published to record the enforcement outcome against this specific entity; it does not impose new ongoing obligations on other regulated entities, though it illustrates the Commission's expectations around customer due diligence review and record keeping under the AML/TF Code.

Applies to

trust companies, trust and corporate services providers