Administrative Penalty $2,500.00 - Bonhôte Trust Corporation Limited (2014-07-10)

Summary

This is an enforcement action notice published by the British Virgin Islands Financial Services Commission (FSC) disclosing that it imposed a $2,500.00 administrative penalty on Bonhôte Trust Corporation Limited. The action is purely a public disclosure of a penalty already levied, not a rule or guidance imposing new requirements on the wider industry.

• Contravention: Failure to submit its 2012 audited financial statements within the time specified in the Banks and Trust Companies Act, 1990.
• Provision breached: Section 17C(1) of the Banks and Trust Companies Act, 1990.
• Penalty: $2,500.00 administrative penalty (Matter ID: BF101113/222).

The notice serves as a record of enforcement against a single named licensee and does not create new ongoing obligations for other regulated entities, though it illustrates the FSC's enforcement of the statutory deadline for filing audited financial statements under the Banks and Trust Companies Act.

Key obligations

• Banks and trust companies licensed under the Banks and Trust Companies Act, 1990 must submit their audited financial statements to the FSC within the time specified under section 17C(1) of that Act.

Applies to

banks, trust companies