Administrative Penalty $97,000.00 - Colonial Insurance (BVI) Limited (2015-11-12)

Summary

This is an enforcement notice from the British Virgin Islands Financial Services Commission announcing an administrative penalty of $97,000.00 imposed on Colonial Insurance (BVI) Limited. The penalty relates to multiple breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, identified under Matter ID BF101113/290. It is a past-action disclosure rather than a rule imposing new ongoing requirements.

• Section 11: Failure to provide appropriate policies, procedures and processes for forestalling and preventing money laundering and terrorist financing.
• Section 12: Failure to establish a written system of internal controls for undertaking money laundering and terrorist financing risk assessments for each customer, business relationship or one-off transaction.
• Section 19(2): Failure to properly engage in or undertake customer due diligence.
• Section 20: Failure to engage in proper enhanced customer due diligence.
• Section 21: Failure to review and keep up-to-date customer due diligence information as required.
• Section 48: Failure to provide employees with adequate training.

The notice serves as a public record of the enforcement action taken against this specific insurer and does not itself create new compliance obligations for other regulated entities, though it illustrates the AML/CFT Code provisions the Commission actively enforces.

Applies to

insurance companies