Directive - ABM CORPORATE SERVICES, LTD. (2017-02-15)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against ABM Corporate Services, Ltd. under section 40(1) of the Financial Services Commission Act, 2001. It orders the company to remedy a specific anti-money laundering compliance failure by a fixed deadline and to confirm this to the Commission in writing.

• Compliance requirement: By close of business Friday, 31 March 2017, ABM Corporate Services, Ltd. 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, the company must provide the Commission with written confirmation that it has fully complied with those AML requirements.

The directive is entity-specific enforcement action (Matter ID: BF101113/359) rather than a general rule change, but it illustrates the Commission's expectations under regulation 7(2)(b) of the AML Regulations for trust and corporate services providers more broadly.

Key obligations

• ABM Corporate Services, Ltd. 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 Friday, 31 March 2017.
• ABM Corporate Services, Ltd. must provide the Commission with written confirmation of full compliance on or before Friday, 31 March 2017.

Applies to

ABM Corporate Services, Ltd. (trust and corporate services provider)

Deadlines

• Friday, 31 March 2017 (close of business): Deadline for ABM Corporate Services, Ltd. to fully comply with regulation 7(2)(b) of the AML Regulations, 2008 and paragraph 2 of the AML (Amendment) Regulations, 2015.
• on or before Friday, 31 March 2017: Deadline for ABM Corporate Services, Ltd. to provide written confirmation of compliance to the Commission.