Notice
Directive - J.S. ARCHIBALD TRUST SERVICES LIMITED (2017-02-15)
Issued 2017-02-15View on FSC's website Source document
Summary
This is an enforcement notice published by the BVI Financial Services Commission disclosing a Directive issued to J.S. Archibald Trust Services Limited under section 40(1) of the Financial Services Commission Act, 2001. The Directive orders the firm to remedy specific anti-money laundering compliance failures 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 firm 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.
- Reporting requirement: On or before Friday 31 March 2017, the firm must provide written confirmation to the Commission that it has fully complied with those AML requirements.
The notice serves as a public record of the enforcement action (Matter ID BF101113/366) and does not itself create obligations for entities other than J.S. Archibald Trust Services Limited, though it signals the Commission's expectations regarding compliance with the cited AML customer due diligence and verification requirements.
Key obligations
- J.S. Archibald 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 Friday 31 March 2017.
- J.S. Archibald 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 & Corporate Services Providers
Deadlines
- Friday, 31st March, 2017 (close of business): Deadline for J.S. Archibald 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 the firm to provide written confirmation to the Commission of full compliance.