Directive - ARAWAK TRUST COMPANY LIMITED (2017-02-15)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission describing a Directive issued to Arawak Trust Company Limited under section 40(1) of the Financial Services Commission Act, 2001. It relates to that company's compliance with specific anti-money laundering record-keeping requirements, not a general rule change affecting the industry.

• Compliance requirement: Arawak Trust Company Limited was directed to fully comply, by close of business Friday 31 March 2017, with regulation 7(2)(b) of the Anti-Money Laundering Regulations, 2008 and paragraph 2 of the Anti-Money Laundering (Amendment) Regulations, 2015.
• Confirmation requirement: The company was also directed to provide the Commission with written confirmation, on or before Friday 31 March 2017, that it had fully complied with those AML requirements.
• Matter reference: The action is recorded under Matter ID BF101113/362.

This document is company specific and does not create ongoing obligations for other regulated entities; it is published as part of the Commission's public enforcement action alerts.

Key obligations

• Arawak Trust Company Limited must fully comply, by close of business on Friday 31 March 2017, with regulation 7(2)(b) of the Anti-Money Laundering Regulations, 2008 and paragraph 2 of the Anti-Money Laundering (Amendment) Regulations, 2015
• Arawak Trust Company Limited must provide the Commission with written confirmation, on or before Friday 31 March 2017, of its full compliance with the above AML requirements

Applies to

trust company

Deadlines

• Friday, 31st March, 2017: Deadline for Arawak Trust Company Limited to fully comply with regulation 7(2)(b) of the AML Regulations, 2008 and paragraph 2 of the AML (Amendment) Regulations, 2015
• Friday, 31st March, 2017: Deadline for Arawak Trust Company Limited to provide written confirmation to the Commission of compliance