Administrative Penalty $3,000.00 - ANT Management (BVI) Ltd. (2012-12-11)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording an administrative penalty imposed on ANT Management (BVI) Ltd. It is purely a disclosure of a completed enforcement action, not a rule imposing new ongoing obligations on the wider industry.

• Penalty: A $3,000.00 administrative penalty was imposed on ANT Management (BVI) Ltd.
• First contravention: Breach of section 19(1) of the Banks and Trust Companies Act, 1990, for failing to have at least two directors at all times.
• Second contravention: Breach of section 19(7) of the Regulatory Code, 2009, for failing to immediately notify the Commission that it had fewer than two directors.
• Matter reference: Matter ID BF0921/146.

The notice serves as a public record of the penalty and the underlying breaches; it does not itself create new compliance duties beyond restating the existing statutory requirements (maintaining at least two directors and promptly notifying the Commission of any shortfall) that the company was found to have breached.

Key obligations

• Licensed banks and trust companies must have at least two directors at all times, as required by section 19(1) of the Banks and Trust Companies Act, 1990.
• Licensed banks and trust companies must immediately notify the Commission if they have fewer than two directors, as required by section 19(7) of the Regulatory Code, 2009.

Applies to

banks, trust companies, fiduciary services providers