Administrative Penalty $205,500.00 - Portcullis TrustNet (BVI) Limited (2013-10-14)

Summary

This is a published enforcement action notice from the BVI Financial Services Commission announcing that it imposed an administrative penalty of $205,500.00 on Portcullis TrustNet (BVI) Limited, a trust and corporate services provider, for multiple breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a historical record of a completed enforcement action rather than a rule creating ongoing obligations for other firms.

• Section 11 breach: Failing to maintain appropriate policies, procedures and other measures to prevent misuse of technological developments.
• Section 12 breach: Failing to carry out money laundering and terrorist financing risk assessments.
• Section 14(2) breach: Failing to comply with measures on the responsibilities of senior management.
• Section 20 breach: Failing to engage in enhanced customer due diligence.
• Section 21(1)-(3) breach: Failing to review and keep up-to-date customer due diligence information in the required manner.

The notice records Matter ID BF101113/176 and serves as a public disclosure of the penalty and the specific AML/CFT Code provisions contravened; it does not itself impose new requirements on other regulated entities.

Applies to

trust and corporate services providers