Administrative Penalty $10,000.00 - COVERDALE TRUST SERVICES LIMITED (2015-08-21)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission announcing that it imposed a $10,000.00 administrative penalty on Coverdale Trust Services Limited, a trust and corporate services provider, for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.

• Enhanced due diligence failure: Contravened sections 20(2) and 20(4) of the AML/TF Code by failing to carry out proper enhanced customer due diligence.
• CDD update failure: Contravened sections 21(1) and (2) of the AML/TF Code by failing to review and keep customer due diligence information up to date as required.

The notice is a historical enforcement record (Matter ID BF101113/264) and does not itself impose new ongoing obligations on other entities; it documents a completed penalty action against this specific licensee.

Applies to

trust and corporate service providers