Administrative Penalty $15,000.00 - JTC (BVI) Limited (2015-12-15)

Summary

This is a public enforcement notice from the British Virgin Islands Financial Services Commission recording that it imposed an administrative penalty of $15,000.00 on JTC (BVI) Limited. The action relates to breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, and is published for information rather than to impose new rules.

• Customer due diligence failures: Sections 19, 24 and 25 breached for failing to properly engage in or undertake customer due diligence.
• CDD monitoring failures: Sections 21(2) and 23(1) breached for failing to review and keep customer due diligence information up to date.
• Introducer oversight failure: Section 31 breached for failing to adequately ensure that an introducer reviewed and maintained customer due diligence information as required.

The notice identifies the matter as Matter ID BF101113/293 and serves as a record of the penalty; it does not itself create new ongoing compliance duties for other entities, though it illustrates the CDD and introducer oversight standards the Commission enforces under the AML/CFT Code.

Applies to

Trust & Corporate Services Providers