Administrative Penalty $37,500.00 - Mossack Fonseca & Co. (BVI) Ltd. (2013-11-12)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission, publicly disclosing that it imposed an administrative penalty on Mossack Fonseca & Co. (BVI) Ltd. It is purely informational, recording a completed regulatory action rather than creating any new ongoing requirement.

• Penalty: An administrative penalty of $37,500.00 was imposed on Mossack Fonseca & Co. (BVI) Ltd.
• Basis: The penalty was for contravening section 20 of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, by failing to carry out the necessary enhanced customer due diligence measures in respect of a high risk customer.
• Reference: Matter ID BF101113/181.

The notice does not itself impose new obligations on other firms, but it signals the Commission's expectation that entities subject to AML/CFT obligations must apply enhanced due diligence to high risk customers, and that failure to do so can result in administrative penalties.

Applies to

Trust and corporate services providers, Persons subject to the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008