Administrative Penalty $14,000.00 - Commonwealth Trust Limited (2013-08-04)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty on Commonwealth Trust Limited. It records a completed enforcement action rather than setting out any new rule or ongoing obligation for other firms.

• Penalty: Administrative penalty of $14,000.00 imposed on Commonwealth Trust Limited.
• Licence type: Class I Trust and Registered Agent.
• Industry type: Banking & Fiduciary Services.
• Grounds: Contraventions of sections 11, 12, 19(2), 20, 31(2), 48(1) and 48(2) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.
• Matter reference: Matter ID COM030813/029.

The notice is a historical record of a specific enforcement outcome and does not itself impose new compliance requirements on the wider industry, though it illustrates the type of AML/CFT Code breaches the Commission penalises.

Applies to

Trust and Corporate Services Providers, Class I Trust and Registered Agent licensees