Administrative Penalty $15,000.00 - CR (BVI) LIMITED (2015-11-17)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty of $15,000.00 on CR (BVI) Limited for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a factual record of a completed enforcement action rather than a document that creates new rules or ongoing filing requirements for the wider industry.

• Section 19 breach: Failing to engage in or undertake customer due diligence.
• Section 21(1) and (2) breach: Failing to review and keep up to date customer due diligence information in the required manner.
• Section 31(5) breach: Failing to adequately ensure that an introducer reviews and maintains customer due diligence information as required.

The notice identifies the matter reference (BF101113/274) and serves as a public record of the penalty; it does not itself impose new obligations on other entities but illustrates the CDD requirements under the AML/CFT Code that are actively enforced.

Key obligations

• Relevant persons must engage in and undertake customer due diligence as required by section 19 of the AML/CFT Code of Practice.
• Relevant persons must review and keep up to date customer due diligence information as required by section 21(1) and (2) of the AML/CFT Code of Practice.
• Relevant persons must adequately ensure that any introducer relied upon reviews and maintains customer due diligence information as required by section 31(5) of the AML/CFT Code of Practice.

Applies to

CR (BVI) Limited, relevant persons subject to the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008