Administrative Penalty $15,000.00 - CCS Trustees Limited (2015-11-30)

Summary

This is an enforcement notice from the BVI Financial Services Commission announcing that it imposed an administrative penalty of $15,000.00 on CCS Trustees Limited, a trust and corporate service provider, for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a record of a completed enforcement action rather than a document that creates new ongoing rules.

• Section 19: Failing to engage in or undertake customer due diligence, or additional CDD where the customer is a trustee of a trust or a legal person.
• Section 20(2) and (4): Failing to engage in proper enhanced customer due diligence.
• Section 21(1) and (2): Failing to review and keep up to date customer due diligence information in the required manner.

The notice records Matter ID BF101113/276 and serves as a public alert of the penalty; it does not itself impose new prospective obligations beyond the pre-existing AML/CFT Code requirements that were found to have been breached.

Applies to

trust and corporate service providers, trustees