Administrative Penalty $10,000.00 - Sucre & Sucre Trust Limited (2015-10-28)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty of $10,000.00 on Sucre & Sucre Trust Limited. The penalty relates to breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, identified under Matter ID BF101113/287. It is a public disclosure of a completed enforcement action rather than a rule of general application.

• Section 19 breach: Failing to properly engage in or undertake customer due diligence.
• Section 31(5) breach: Failing to adequately ensure that an introducer reviews and maintains customer due diligence information as required.

The notice serves as a public record and deterrent example for other regulated entities, particularly trust and corporate services providers, on the consequences of AML/CFT customer due diligence failures. It does not itself create new ongoing obligations beyond the existing Code of Practice requirements that were found to have been breached.

Applies to

Trust & Corporate Services Providers, DNFBPs