Administrative Penalty $2,500.00 - Portcullis TrustNet (BVI) Limited (2013-10-14)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty of $2,500.00 on Portcullis TrustNet (BVI) Limited. The penalty relates to a breach of the Banks and Trust Companies Act, 1990.

• Contravention: Section 9(3)(b) of the Banks and Trust Companies Act, 1990, which requires prior written approval of the Commission before appointing an additional person as an authorized agent.
• Penalty: Administrative penalty of $2,500.00 imposed on Portcullis TrustNet (BVI) Limited.
• Matter reference: Matter ID BF101113/177.

This notice is a historical enforcement record and does not itself impose any ongoing obligations on other entities; it serves as a public alert illustrating the Commission's enforcement of the prior-approval requirement for authorized agent appointments under the Banks and Trust Companies Act.

Key obligations

• Licensees under the Banks and Trust Companies Act, 1990 must obtain the Commission's prior written approval before appointing an additional person as an authorized agent, per section 9(3)(b).

Applies to

banks, trust companies