Administrative Penalty $20,000.00 - Heritage Insurance Company (Caribbean) Limited (2015-08-04)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission announcing that it imposed a $20,000.00 administrative penalty on Heritage Insurance Company (Caribbean) Limited. The penalty relates to breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, identified during supervision (Matter ID: BF101113/252).

• Sections 11(1), 11(3), 11(3A): Failure to establish and maintain appropriate AML/CFT policies, procedures and processes, failure to maintain an effective system of internal controls, and failure to establish and maintain an adequately resourced independent audit function to test compliance.
• Section 19(2): Failure to engage in or undertake customer due diligence.
• Section 48(2): Failure to provide AML/CFT training to directors and employees and failure to maintain a Training Register.

The notice is a record of a completed enforcement action against a named licensee rather than a rule change; it does not impose new ongoing obligations on other entities, though it signals the Commission's expectations for AML/CFT compliance under the Code of Practice, 2008.

Applies to

insurance companies