Directive - COVERDALE TRUST SERVICES LIMITED (2017-02-15)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission (FSC) disclosing a Directive issued to Coverdale Trust Services Limited under section 40(1) of the Financial Services Commission Act, 2001. It concerns non-compliance with specific anti-money laundering record-keeping or customer due diligence requirements and sets a compliance deadline.

• Compliance requirement: Coverdale Trust Services Limited was directed to 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.
• Reporting requirement: The company was also directed to provide the Commission with written confirmation, on or before 31 March 2017, that it had fully complied with those AML requirements.

This notice is specific to the named entity and does not itself impose general obligations on the wider trust and corporate services sector, though it signals the FSC's active enforcement of AML customer due diligence rules under regulation 7(2)(b).

Key obligations

• Coverdale Trust 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.
• Coverdale Trust 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

trust and corporate services providers

Deadlines

• Friday, 31st March, 2017 (close of business): Deadline for Coverdale Trust Services 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 Friday, 31st March, 2017: Deadline for Coverdale Trust Services Limited to submit written confirmation of compliance to the Commission.