Administrative Penalty $2,500.00 - Orbis Services Limited (2013-09-26)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission announcing an administrative penalty imposed on Orbis Services Limited, a company management (Trust & Corporate Services / Banking & Fiduciary Services) licensee. It is a historical record of a completed enforcement action rather than a rule imposing ongoing obligations on the wider industry.

• Penalty: An administrative penalty of $2,500.00 was imposed on Orbis Services Limited.
• Basis: The penalty was for contravening section 22(2) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.
• Underlying failure: Orbis Services Limited failed to establish the necessary enhanced customer due diligence measures in respect of politically exposed persons (PEPs) as required.
• Reference: Matter ID ENF092013/151; licence type Company Management.

While this specific notice concerns only Orbis Services Limited, it illustrates the FSC's expectation that regulated entities apply enhanced due diligence to PEP relationships under the AML/CFT Code of Practice; other licensees should note the underlying compliance standard rather than any action required of them by this notice itself.

Applies to

Company Management (Trust & Corporate Services / Banking & Fiduciary Services) licensee