Administrative Penalty $60,000.00 - TMF (BVI) Limited (2015-08-04)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it has imposed a $60,000.00 administrative penalty on TMF (BVI) Limited for breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. It is a record of a completed enforcement action rather than a document creating new ongoing requirements for the wider industry.

• Independent audit function: Contravention of section 11(3A) of the AML/CFT Code for failing to establish and maintain an independent audit function adequately resourced to test compliance.
• Customer due diligence: Contravention of sections 19(2), 19(3)(d), 19(4) and 19(5) for failing to undertake customer due diligence, or additional due diligence where the customer was a trustee, a trust, or a legal person.

The notice records the matter under reference ID BF101113/251 and serves as a public disclosure of the penalty; it does not itself set out new rules or compliance steps for other licensees, though it illustrates the Commission's expectations under the existing AML/CFT Code.

Applies to

trust and corporate services providers