Administrative Penalty $55,000.00 - DANTRUST LIMITED (2015-02-11)

Summary

This is a British Virgin Islands Financial Services Commission enforcement notice announcing that an administrative penalty of $55,000.00 was imposed on DANTRUST LIMITED, a licensed trust and corporate services provider, for multiple breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a historical record of a completed enforcement action rather than a document imposing new ongoing requirements on other entities.

• Section 11(1): Failing to establish a written system of internal controls to undertake money laundering and terrorist financing risk assessments for each customer, business relationship or one off transaction.
• Section 14: Board of Directors and senior management failing to ensure that policies and procedures were updated and implemented rigorously throughout the licensee.
• Section 19(2): Failing to properly engage in or undertake customer due diligence.
• Section 20: Failing to engage in proper enhanced customer due diligence.
• Section 48: Failing to provide adequate AML/CFT training at appropriate frequencies.

The notice records the matter under reference Matter ID BF101113/272 and serves as a public enforcement alert; it does not itself create new compliance obligations for the wider industry beyond illustrating the standards expected under the AML/CFT Code of Practice.

Applies to

trust and corporate services providers, licensees under the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008