Directive - BISON FINANCIAL SERVICES LIMITED (2017-02-15)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against Bison Financial Services Limited under section 40(1) of the Financial Services Commission Act, 2001. It orders the company to come into compliance with specific anti-money laundering record-keeping requirements and to confirm this to the Commission in writing.

• Compliance deadline: By close of business on Friday, 31 March 2017, Bison Financial 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.
• Written confirmation: On or before Friday, 31 March 2017, the company must provide written confirmation to the Commission that it has fully complied with those AML requirements.

The Directive relates to Matter ID BF101113/377 and is a targeted enforcement action against this single named entity rather than a general rule change.

Key obligations

• Bison Financial 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.
• Bison Financial Services Limited must provide written confirmation to the Commission on or before 31 March 2017 that it has fully complied with the above AML requirements.

Applies to

Bison Financial Services Limited

Deadlines

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