Administrative Penalty $100,000.00 - Commonwealth Trust Limited (2013-09-26)

Summary

This is a BVI Financial Services Commission enforcement notice reporting that an administrative penalty of $100,000.00 was imposed on Commonwealth Trust Limited, a Class I Trust and Registered Agent licensee. The penalty relates to breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.

• Contraventions found: Breach of sections 12(a) to (d), 20(2) and 20(4)(c) of the AML/TF Code of Practice, 2008.
• Nature of failures: Failing to carry out a money laundering and terrorist financing risk assessment, and failing to carry out enhanced customer due diligence in respect of a high risk client.
• Penalty: Total administrative penalty of $100,000.00.
• Licence type: Class I Trust and Registered Agent (Matter ID ENF092013/165).

The notice is a historical enforcement record rather than a rule of general application; it does not itself create new ongoing obligations for other licensees, but illustrates the Commission's expectations around AML/CFT risk assessment and enhanced due diligence for trust and corporate services providers.

Applies to

trust and corporate services providers, registered agents