Administrative Penalty $15,000.00 - Proservices Limited (2015-02-25)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing an administrative penalty of $15,000.00 imposed on Proservices Limited for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a public disclosure of a completed enforcement action, not a new rule or ongoing obligation for other firms.

• Contravention 1: Sections 20(2) and 20(3) of the AML/TF Code of Practice, 2008, for failing to engage in proper enhanced customer due diligence.
• Contravention 2: Sections 21(1), 21(2) and 21(4) of the AML/TF Code of Practice, 2008, for failing to review and keep customer due diligence information up to date in the required manner.
• Penalty imposed: An administrative penalty of $15,000.00 was levied against Proservices Limited (Matter ID: BF101113/248).

The notice serves as a public record of the Commission's enforcement action and a reminder to other regulated entities of the consequences of AML/CFT customer due diligence failures; it does not impose new obligations on other firms.

Applies to

Proservices Limited