Administrative Penalty $8,500.00 - Abacus Trust and Management Services Limited (2013-09-27)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission (FSC) announcing that it imposed a total administrative penalty of $8,500.00 on Abacus Trust and Management Services Limited, a Class I Trust and Registered Agent licensee.

• Penalty amount: $8,500.00 total administrative penalty
• Entity penalised: Abacus Trust and Management Services Limited, licensed as a Class I Trust and Registered Agent
• Basis for penalty: Contraventions of sections 11, 21(1), 31(5) and 48(1) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008
• Matter reference: Matter ID COM080213/133

The notice is a record of a completed enforcement action rather than a document that imposes new ongoing obligations on other entities; it serves to inform industry and the public that this specific licensee was penalised for AML/CFT compliance failures.

Applies to

Trust and Corporate Services Providers, Class I Trust and Registered Agent licensees