Administrative Penalty $20,000.00 - MCNAMARA CORPORATE SERVICES LIMITED (2015-11-30)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed a $20,000.00 administrative penalty on McNamara Corporate Services Limited, a trust and corporate services provider. The penalty relates to breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 identified in an inspection or investigation (Matter ID: BF101113/275).

• Section 20(2) and (4) breach: Failing to engage in proper enhanced 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.

The notice is a record of a completed enforcement action against a named entity rather than a rule change; it does not itself create new ongoing requirements for other licensees, though it signals the Commission's active enforcement of CDD obligations under the AML/CFT Code of Practice.

Applies to

Trust and Corporate Services Providers, DNFBPs