Administrative Penalty $20,000.00 - Arias Fabrega & Fabrega Trust Co. BVI Limited (2015-01-13)

Summary

This is a BVI Financial Services Commission enforcement notice recording that an administrative penalty of $20,000.00 was imposed on Arias Fabrega & Fabrega Trust Co. BVI Limited for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a published record of a completed enforcement action rather than a rule or guidance document creating new ongoing obligations.

• Section 19: Failing to properly engage in or undertake customer due diligence.
• Section 20(2) and 20(4): Failing to engage in proper enhanced customer due diligence.
• Section 21(1) and 21(2): Failing to review and keep up to date customer due diligence information in the required manner.

The matter is identified by reference BF101113/257. The notice serves as a public record of the contraventions and penalty and does not itself impose new compliance requirements beyond the pre existing AML/CFT Code of Practice obligations that were found to have been breached.

Applies to

Trust companies, Trust and Corporate Services Providers