Administrative Penalty $335,000.00 - Commonwealth Trust Limited (2014-06-25)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed a total administrative penalty of $335,000.00 on Commonwealth Trust Limited, a trust and corporate services provider, for multiple breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a historical record of a completed enforcement action rather than a document that itself creates new ongoing rules.

• Section 11 breach - $75,000.00: Failing to maintain appropriate policies, procedures and other measures to prevent misuse of technological developments.
• Section 12 breach - $75,000.00: Failing to carry out money laundering and terrorist financing risk assessments.
• Section 20 breach - $60,000.00: Failing to engage in enhanced customer due diligence.
• Section 21(1),(2),(3) breach - $65,000.00: Failing to review and keep up to date customer due diligence information in the required manner.
• Section 31(2) and 31(5) breach - $60,000.00: Failing to meet obligations governing how the firm conducts business with introduced clients.

The notice records Matter ID BF101113/193 and serves as a public alert of the sanction imposed; it does not itself impose new prospective requirements on other regulated entities, though it illustrates the AML/CFT Code obligations the Commission actively enforces against trust and corporate services providers.

Applies to

trust and corporate services providers, Commonwealth Trust Limited