Administrative Penalty $30,000 - Quijano & Associates (BVI) Limited (2022-09-27)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed a $30,000 administrative penalty on Quijano & Associates (BVI) Limited. The penalty was for contraventions of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, specifically the requirement to test third-party relationships.

• Penalty amount: $30,000.00
• Entity penalised: Quijano & Associates (BVI) Limited
• Contravention: Section 31B of the AMLTF Code of Practice, 2008, concerning testing of third-party relationships
• Matter reference: ENF072922/047

The notice is purely informational, confirming a completed enforcement action; it does not itself impose new ongoing requirements on other entities, though it underscores the Commission's continued enforcement of AML/CFT third-party reliance testing obligations under the Code of Practice.

Key obligations

• Relevant persons relying on third parties for customer due diligence must test those third-party relationships in accordance with Section 31B of the AMLTF Code of Practice, 2008.

Applies to

Trust and Corporate Services Providers, Registered Agents