Administrative Penalty $175,000.00 - ABM Corporate Services Ltd. (2013-05-13)

Summary

This is a short enforcement notice published by the BVI Financial Services Commission announcing an administrative penalty against ABM Corporate Services Ltd, a Class I Trust and Registered Agent licensee, for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.

• Penalty: An administrative penalty of $175,000.00 was imposed on ABM Corporate Services Ltd.
• Contraventions: The penalty relates to breaches of sections 11, 12, 29(2), 43, and 48(1) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.
• Licence type: Class I Trust and Registered Agent.
• Matter reference: COM022213/025 and ENF042613/067.

This is a public disclosure of a completed enforcement action rather than a rule or guidance document, so it does not itself create new ongoing obligations for other firms beyond the general requirement to comply with the AML/TFC Code of Practice.

Applies to

Class I Trust and Registered Agent licensee, trust and corporate services providers