Administrative Penalty $25,000.00 - ILS Fiduciary (BVI) Limited (2015-11-30)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed a $25,000.00 administrative penalty on ILS Fiduciary (BVI) Limited, a trust and corporate services provider, for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.

• Section 19(2) breach: Failing to properly engage in or undertake customer due diligence.
• Section 20 breach: Failing to engage in proper enhanced customer due diligence.
• Section 21 breach: Failing to review and keep up to date customer due diligence information in the required manner.

The notice records a completed enforcement outcome (Matter ID BF101113/292) rather than creating any new ongoing requirement; it serves as a public record of the penalty and the specific AML/CFT Code provisions contravened.

Applies to

trust and corporate services providers