Administrative Penalty $35,000.00 - Orbis Services Limited (2013-02-09)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording that it imposed an administrative penalty of $35,000.00 on Orbis Services Limited, a company management licensee providing banking and fiduciary services.

• Breach found: Contraventions of sections 20(2), 20(4)(c), 21(1) and 21(4) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008
• Nature of failure: Failure to carry out enhanced due diligence and failure to update customer due diligence in respect of a high risk client
• Penalty: Administrative penalty totalling $35,000.00
• Reference: Matter ID ENF083013/151

The notice is a record of a concluded enforcement action against a named entity rather than a rule imposing new ongoing requirements on the wider industry; it serves as a public example of the Commission's enforcement of AML/CFT customer due diligence standards.

Applies to

company managers, trust and corporate service providers