Administrative Penalty $2,000.00 - Inter-Continental Trust Limited (2012-12-20)

Summary

This is a notice from the BVI Financial Services Commission publishing an enforcement action against Inter-Continental Trust Limited. The Commission imposed an administrative penalty of $2,000.00 on the firm for a licensing contravention under the Banks and Trust Companies Act, 1990.

• Breach found: Inter-Continental Trust Limited, holder of a restricted Class II trust licence, changed the trusts in connection with which it undertakes trust business without first obtaining the Commission's approval, contrary to section 10(5) of the Banks and Trust Companies Act, 1990.
• Penalty: An administrative penalty of $2,000.00 was imposed.
• Matter reference: Matter ID: BF1123/206.

The notice is purely informational, recording a completed enforcement outcome rather than creating new ongoing rules; it does not set out any further compliance steps for the firm or the wider industry.

Key obligations

• Restricted Class II trust licence holders must obtain the Commission's prior approval before making any change in the trusts in connection with which they undertake trust business, as required by section 10(5) of the Banks and Trust Companies Act, 1990.

Applies to

Banks and Trust Companies, Class II trust licensees, Trust and Corporate Services Providers