Administrative Penalty $25,000.00 - Lotus Corporate Services Ltd. (2015-10-20)

Summary

This is a BVI Financial Services Commission enforcement notice recording that an administrative penalty of $25,000.00 was imposed on Lotus Corporate Services Ltd., a trust and corporate services provider, for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a public record of a past enforcement action rather than a rule imposing new ongoing requirements on other entities.

• Section 19 breach: Failing to engage in or undertake customer due diligence, including additional CDD where a customer is a trustee of a trust or a legal person.
• 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 identifies the matter by reference (Matter ID: BF101113/269) and serves as a public alert illustrating the CDD, EDD, and ongoing due diligence standards TCSPs must meet under the AML/CFT Code, but it does not itself create new obligations for other licensees.

Applies to

Trust and Corporate Services Providers