Directive - AMS TRUSTEES LIMITED (2017-02-15)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against AMS Trustees Limited, a trust and corporate services provider, under section 40(1) of the Financial Services Commission Act, 2001. It orders the company to remedy specific anti-money laundering compliance failures by a fixed deadline.

• Compliance requirement: AMS Trustees 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 Monday, 1 May 2017.
• Confirmation requirement: The company must provide the Commission with written confirmation, on or before 1 May 2017, that it has fully complied with those AML requirements.

The Directive relates to Matter ID BF101113/360 and is specific to AMS Trustees Limited; it does not impose new general rules on the wider trust services industry, though it illustrates the Commission's enforcement approach to AML regulation breaches by trust and corporate services providers.

Key obligations

• AMS Trustees 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 Monday, 1 May 2017.
• AMS Trustees Limited must provide written confirmation to the Commission, on or before Monday, 1 May 2017, that it has fully complied with the stated AML requirements.

Applies to

trust companies, trust and corporate services providers

Deadlines

• Monday, 1st May, 2017 (close of business): Deadline for AMS Trustees Limited 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 Monday, 1st May, 2017: Deadline for AMS Trustees Limited to provide written confirmation to the Commission of full compliance.