Administrative Penalty $40,000.00 - Crescent Corporate Services Limited (2014-03-06)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing an administrative penalty of $40,000.00 imposed on Crescent Corporate Services Limited for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a historical enforcement record, not a rule that creates ongoing obligations for other entities.

• Section 12 breach ($20,000.00): Failing to carry out money laundering and terrorist financing risk assessments in respect of a high risk client, Surex Invest Limited.
• Section 20 breach ($20,000.00): Failing to carry out the necessary enhanced customer due diligence measures in respect of the same high risk client, Surex Invest Limited.

The matter is identified by the Commission as Matter ID BF101113/190. The notice serves as a public record of the penalty and contravention findings rather than announcing any new regulatory requirement.

Applies to

trust and corporate services providers