Directive - MCNAMARA CORPORATE SERVICES LIMITED (2017-02-15)

Summary

This is a public enforcement notice from the BVI Financial Services Commission (FSC) disclosing a Directive issued to McNamara Corporate Services Limited under section 40(1) of the Financial Services Commission Act, 2001. It does not create general industry-wide rules; it records specific compliance failures found in this one entity and the remedial steps ordered.

• Full compliance required: McNamara Corporate Services Limited was directed to 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.
• Written confirmation required: The company was directed to provide the Commission with written confirmation, on or before 31 March 2017, that it had fully complied with those AML requirements.
• Matter reference: The action is recorded under Matter ID BF101113/367.

The underlying regulations concern customer due diligence/record-keeping obligations under the AML framework applicable to trust and corporate services providers, but this notice itself only documents the directive against the named entity rather than amending or restating those regulations for the wider industry.

Key obligations

• McNamara Corporate 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.
• McNamara Corporate Services Limited must provide written confirmation to the Commission, on or before Friday, 31 March 2017, that it has fully complied with those requirements.

Applies to

Trust and Corporate Services Providers

Deadlines

• Friday, 31st March, 2017: Deadline for McNamara Corporate 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 McNamara Corporate Services Limited to provide written confirmation to the Commission of full compliance.