Directive - INSINGER CORPORATE FORMATIONS (BVI) LIMITED (2017-02-15)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against a single regulated entity, Insinger Corporate Formations (BVI) Limited, under section 40(1) of the Financial Services Commission Act, 2001. It requires the company to remedy identified anti-money laundering compliance gaps by a fixed deadline and to confirm this to the Commission in writing.

• Compliance requirement: By close of business on Friday, 31 March 2017, the company 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.
• Confirmation requirement: On or before Friday, 31 March 2017, the company must provide the Commission with written confirmation that it has fully complied with these AML requirements.

The Directive is specific to this one entity (Matter ID BF101113/378) and does not itself change AML rules generally applicable to the industry; it enforces existing regulation 7(2)(b) obligations against this particular firm.

Key obligations

• Insinger Corporate Formations (BVI) 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.
• Insinger Corporate Formations (BVI) Limited must submit written confirmation to the Commission on or before 31 March 2017 that it has fully complied with those AML requirements.

Applies to

Insinger Corporate Formations (BVI) Limited (trust and corporate services provider)

Deadlines

• Friday, 31 March 2017 (close of business): Deadline for full compliance with regulation 7(2)(b) of the AML Regulations 2008 and paragraph 2 of the AML (Amendment) Regulations 2015.
• on or before Friday, 31 March 2017: Deadline for the company to provide written confirmation to the Commission of full compliance.