Administrative Penalty $20,000.00 - Arias Fabrega & Fabrega Trust Co. BVI Limited (2015-02-13)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed a $20,000.00 administrative penalty on Arias Fabrega & Fabrega Trust Co. BVI Limited, a trust and corporate services provider, for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.

• 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 notice is a record of a completed enforcement action (Matter ID BF101113/246) rather than a document creating new ongoing compliance requirements for other entities; it serves as a public alert illustrating the Commission's enforcement of AML/CFT customer due diligence obligations.

Applies to

Trust & Corporate Services Providers, DNFBPs