Administrative Penalty $20,000.00 - Osiris International Trustees Limited (2015-12-06)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission announcing an administrative penalty against Osiris International Trustees Limited. The penalty was imposed for a breach of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.

• Penalty: An administrative penalty of $20,000.00 was imposed on Osiris International Trustees Limited.
• Contravention: Breach of section 11(1) of the AMLTF Code, which requires firms to establish and maintain a written and effective system of internal controls with appropriate policies, processes and procedures for forestalling and preventing money laundering and terrorist financing.
• Finding: The Commission found that Osiris International Trustees Limited failed to have such a system in place.
• Reference: Matter ID BF101113/253.

This notice is purely informational, recording a completed enforcement action against a named entity; it does not itself impose new ongoing obligations on other firms, though it signals the Commission's expectations under section 11(1) of the AMLTF Code for all regulated entities.

Applies to

trust and corporate services providers, Osiris International Trustees Limited