Administrative Penalty $15,000.00 - Intertrust Corporate Services (BVI) Limited (2015-08-26)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording an administrative penalty of $15,000.00 imposed on Intertrust Corporate Services (BVI) Limited for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a historical record of a completed enforcement action rather than a document imposing ongoing rules on the wider industry.

• Customer due diligence failures: Contraventions of sections 19(2), 19(3)(d), 19(4), 19(5), 24, 25, 27 and 28 for failing to properly conduct customer due diligence or additional due diligence where a customer is a trustee of a trust or a legal person.
• Enhanced due diligence failures: Contraventions of sections 20(2) and 20(4) for failing to engage in proper enhanced customer due diligence.
• Failure to update CDD information: Contraventions of section 21(1), (2) and (4) for failing to review and keep customer due diligence information up to date as required.

The notice serves as a public record of the penalty and the specific Code provisions breached; it does not itself create new obligations for other regulated entities beyond illustrating the Commission's expectations under the existing AML/CFT Code of Practice.

Applies to

Trust & Corporate Services Providers