Administrative Penalty $22,500.00 - INTAC (BVI) INTERNATIONAL INVESTMENTS LIMITED (2016-09-11)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing an administrative penalty of $22,500.00 imposed on INTAC (BVI) International Investments Limited. The penalty was for multiple breaches of anti-money laundering and regulatory compliance requirements, identified under Matter ID BF101113/329. The notice is informational, recording an enforcement outcome rather than creating new ongoing rules for the wider industry.

• Independent audit function: Failed to establish and maintain an independent audit function, contrary to section 11(3A) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.
• Risk assessments: Failed to carry out money laundering and terrorist financing risk assessments, contrary to section 12 of the AMLTFC.
• Document certification: Failed to ensure proper certification of documents, or accepted improperly certified documents, contrary to section 30(1) of the AMLTFC.
• Compliance systems and controls: Failed to establish and maintain adequate compliance systems and controls, contrary to section 34(1) of the Financial Services Commission Act, 2001.
• Business continuity plan: Failed to establish and maintain a business continuity plan, contrary to section 27 of the Regulatory Code, 2009.
• Information systems monitoring: Failed to ensure information systems are independently monitored and supported by adequate contingency arrangements, contrary to section 31 of the Regulatory Code, 2009.

The notice serves as a public record of the enforcement action against this specific entity and does not itself impose new compliance obligations on other regulated entities, though it illustrates the AML/CFT and compliance systems requirements the Commission actively enforces.

Applies to

investment business licensees