Administrative Penalty $25,000.00 - Newhaven Corporate Services (B.V.I.) Limited (2015-02-24)

Summary

This is a BVI Financial Services Commission enforcement notice announcing an administrative penalty of $25,000.00 imposed on Newhaven Corporate Services (B.V.I.) Limited for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a public record of a completed enforcement action rather than a document that itself creates ongoing compliance requirements.

• Section 19: Failing to properly engage in or undertake customer due diligence.
• Section 21(1) and 21(2): Failing to review and keep up to date customer due diligence information in the required manner.
• Section 29: Failing to adopt relevant measures or additional measures or checks in non face to face business relationships.
• Section 31(5): Failing to adequately ensure that an introducer reviews and maintains customer due diligence information as required.

The notice records the outcome under Matter ID BF101113/247 and serves as a public alert of the penalty; it does not impose new prospective obligations beyond the underlying AML/CFT Code requirements that were found to have been breached.

Applies to

Trust and Corporate Services Providers