Administrative Penalty $15,000.00 - Commence Overseas Limited (2015-10-12)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission announcing an administrative penalty of $15,000.00 imposed on Commence Overseas Limited for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a public disclosure of a past enforcement decision rather than a rule of general application.

• Section 20 breach: Failing to engage in proper enhanced customer due diligence
• Section 21 breach: Failing to review and keep up to date customer due diligence information in the required manner

The notice identifies the matter by reference ID BF101113/291 and does not impose any new continuing obligations on other entities; it serves as a public record of the penalty already levied against this specific company.

Applies to

Commence Overseas Limited (entity subject to the penalty)