Administrative Penalty $2,000.00 - Abacus Trust and Management Services Limited (2013-09-27)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording a specific administrative penalty imposed on Abacus Trust and Management Services Limited, a Class I Trust and Registered Agent licensee. It does not create new rules or ongoing obligations for the wider industry; it is a record of a completed enforcement action.

• Penalty: A $2,000.00 administrative penalty was imposed on Abacus Trust and Management Services Limited.
• Breach: The contravention was of section 22 of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, for failing to establish the necessary enhanced customer due diligence measures in respect of politically exposed persons (PEPs).
• Licence type: Class I Trust and Registered Agent.
• Reference: Matter ID COM080213/133.

The underlying regulatory requirement referenced (enhanced due diligence for PEPs under section 22 of the AML/CFT Code of Practice, 2008) applies generally to regulated persons, but this notice itself is informational, reporting a past enforcement outcome rather than imposing any new or continuing duty.

Applies to

Trust and Corporate Services Providers, Registered Agents, Class I Trust licensees