Administrative Penalty $20,000.00 - Fidelity Corporate Services Ltd. (2015-10-28)

Summary

This is a British Virgin Islands Financial Services Commission enforcement notice announcing that an administrative penalty of $20,000.00 was imposed on Fidelity Corporate Services Ltd. for contraventions of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a factual record of a completed enforcement action rather than a rule or guidance document.

• Section 19 breach: Failing to engage in or undertake customer due diligence.
• Section 21(1) and (2) breach: Failing to review and keep up to date customer due diligence information in the required manner.
• Section 31(5) breach: Failing to adequately ensure that an introducer reviews and maintains customer due diligence information as required.

The notice identifies the matter by reference ID BF101113/271 and serves as a public record; it does not impose any new or ongoing obligations on other regulated entities beyond illustrating the Commission's enforcement of existing AML/CFT Code requirements.

Applies to

Trust and Corporate Services Providers, DNFBPs