Administrative Penalty $3,000.00 - Creque's Insurance Agency Limited (2012-12-11)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed a $3,000.00 administrative penalty on Creque's Insurance Agency Limited, an insurance industry entity, for breaches of anti-money laundering requirements. It is a record of a completed enforcement action rather than a rule imposing new ongoing duties on the wider industry.

• Penalty: Administrative penalty of $3,000.00 imposed on Creque's Insurance Agency Limited (Matter ID COM0928/161).
• AML Regulations breaches: Contraventions of sections 3(1)(a), 3(3) and 4(1) of the Anti-Money Laundering Regulations, 2008.
• AML/CFT Code breaches: Contraventions of sections 24, 25, 27, 29(2) and 29(4) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.

The notice serves as a public alert of an enforcement outcome; it does not itself set out new compliance obligations for other regulated entities, though it illustrates the AML/CFT provisions the Commission actively enforces against insurance intermediaries.

Applies to

insurance agencies, insurance intermediaries