Administrative Penalty $5,000.00 - Sinclair Trust & Finance S.A. (2013-05-27)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty of $5,000.00 on Sinclair Trust & Finance S.A. The bulk of the retrieved text is boilerplate website navigation; the substantive content is a short enforcement summary.

• Entity: Sinclair Trust & Finance S.A., categorised under Banking and Fiduciary Services
• Breach: Contravention of section 10(5) of the Banks and Trust Companies Act, 1990, for undertaking trust business without first obtaining the Commission's approval prior to making a change to the trust
• Penalty: Administrative penalty of $5,000.00 imposed
• Reference: Matter ID BF040513/054

This notice is purely informational, recording a past enforcement outcome against a specific entity. It does not create new ongoing obligations for other regulated entities, though it signals the Commission's expectation that trust and fiduciary services licensees obtain prior approval before making changes to a trust, as required under section 10(5) of the Banks and Trust Companies Act, 1990.

Applies to

banks and trust companies, trust and corporate services providers