Directive - Global Corporate Consultants Group Inc. (2017-02-15)

Summary

This is an enforcement directive issued by the BVI Financial Services Commission against a single named entity, Global Corporate Consultants Group Inc., under section 40(1) of the Financial Services Commission Act, 2001. It does not create general industry-wide rules; it orders that specific entity to remedy identified AML compliance failures by a fixed deadline.

• Compliance requirement: Global Corporate Consultants Group Inc. must 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 entity must provide written confirmation to the Commission, on or before Friday 31 March 2017, that it has fully complied with those AML requirements.
• Reference: The matter is recorded under Matter ID BF101113/364.

The directive is narrowly targeted at this one entity's AML compliance failures and does not itself amend or announce changes to the AML Regulations applicable to the wider industry.

Key obligations

• Global Corporate Consultants Group Inc. 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 Friday, 31 March 2017.
• Global Corporate Consultants Group Inc. must provide written confirmation to the Commission, on or before Friday, 31 March 2017, that it has fully complied with those AML requirements.

Applies to

Global Corporate Consultants Group Inc.

Deadlines

• Friday, 31st March, 2017: Deadline for Global Corporate Consultants Group Inc. to fully comply with regulation 7(2)(b) of the AML Regulations, 2008 and paragraph 2 of the AML (Amendment) Regulations, 2015, and to provide written confirmation of compliance to the Commission.