Directive - ABACUS TRUST AND MANAGEMENT SERVICES LIMITED (2017-02-15)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against Abacus Trust and Management Services Limited, a trust and corporate services provider. It was issued under section 40(1) of the Financial Services Commission Act, 2001, following findings that the firm had not met specific anti-money laundering requirements.

• Compliance deadline: By close of business on Friday, 31 March 2017, Abacus must fully comply with regulation 7(2)(b) of the Anti-Money Laundering Regulations, 2008 and paragraph 2 of the Anti-Money Laundering (Amendment) Regulations, 2015.
• Written confirmation: On or before Friday, 31 March 2017, Abacus must provide the Commission with written confirmation that it has fully complied with those AML requirements.

The Directive is specific to this named entity (Matter ID: BF101113/383) and does not impose general obligations on the wider industry, though it illustrates the Commission's enforcement approach to AML regulation 7(2)(b) compliance failures.

Key obligations

• Abacus Trust and Management Services Limited must fully comply with regulation 7(2)(b) of the Anti-Money Laundering Regulations, 2008 and paragraph 2 of the Anti-Money Laundering (Amendment) Regulations, 2015 by close of business on 31 March 2017.
• Abacus Trust and Management Services Limited must provide written confirmation to the Commission on or before 31 March 2017 that it has fully complied with those requirements.

Applies to

trust and corporate services provider, Abacus Trust and Management Services Limited

Deadlines

• Friday, 31st March, 2017 (close of business): Deadline for Abacus Trust and Management Services Limited to fully comply with AML regulation 7(2)(b) and the 2015 Amendment Regulations paragraph 2
• on or before Friday, 31st March, 2017: Deadline for Abacus to provide written confirmation to the Commission of full compliance