Administrative Penalty $35,000.00 - Sovereign Caribbean Limited (2014-03-06)

Summary

This is a short enforcement notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty of $35,000.00 on Sovereign Caribbean Limited. The penalty relates to a breach of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, specifically a failure to apply enhanced customer due diligence to a high risk customer.

• Entity penalised: Sovereign Caribbean Limited
• Penalty amount: $35,000.00
• Contravention: Section 20 of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 - failure to carry out necessary enhanced customer due diligence measures on a high risk customer
• Matter reference: BF101113/191

The notice is a historical record of a completed enforcement action rather than a document creating new ongoing obligations for other entities. It serves as a public alert illustrating the Commission's approach to enforcing enhanced due diligence requirements for high risk customers.

Applies to

entities regulated under the BVI Anti-Money Laundering and Terrorist Financing Code of Practice, 2008