Administrative Penalty $10,000.00 - DANTRUST LIMITED (2015-02-11)

Summary

This is an enforcement action notice published by the British Virgin Islands Financial Services Commission (FSC) announcing an administrative penalty imposed on Dantrust Limited. It is purely informational, recording a past regulatory decision rather than creating any new ongoing rule or requirement for the wider industry.

• Penalty: An administrative penalty of $10,000.00 was imposed on Dantrust Limited.
• Basis - PI insurance: Contravention of section 161(1) of the Regulatory Code, 2009, for failing to maintain professional indemnity insurance.
• Basis - internal controls: Contravention of section 32(1) of the Regulatory Code, 2009, for failing to conduct required testing of internal control systems and to correct identified deficiencies as soon as reasonably practicable.
• Reference: The matter is recorded under Matter ID BF101113/273.

The notice itself does not impose new obligations on other entities; it serves as a public record of enforcement action against a specific licensee for breaches of the Regulatory Code, 2009.

Applies to

Trust & Corporate Services Providers