Administrative Penalty $5,000.00 - The Insurance Store Limited (2013-01-31)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty on The Insurance Store Limited, a BVI-licensed insurance entity, for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.

• Penalty amount: $5,000.00 total administrative penalty
• Basis: Contraventions of sections 24, 25, 27, 29, and 43(2) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008
• Industry type: Insurance
• Matter reference: COM1130/211

The notice is a public disclosure of a completed enforcement action rather than a rule or guidance imposing new ongoing requirements on other regulated entities.

Applies to

insurance licensees