Directive - MOORE STEPHENS INTERNATIONAL SERVICES (BVI) LIMITED (2017-02-15)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against Moore Stephens International Services (BVI) Limited, under section 40(1) of the Financial Services Commission Act, 2001. It orders the firm to remedy specific anti-money laundering compliance failures by a fixed deadline.

• 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.
• Confirmation requirement: On or before Friday, 31 March 2017, the firm must provide the Commission with written confirmation that it has fully complied with the above requirements.

This Directive is specific to the named entity (Matter ID: BF101113/368) and does not create general obligations for other regulated entities, though it illustrates the Commission's use of section 40(1) directives to enforce AML regulatory compliance.

Key obligations

• Moore Stephens International Services (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 Friday, 31 March 2017.
• Moore Stephens International Services (BVI) Limited must provide the Commission with written confirmation of full compliance on or before Friday, 31 March 2017.

Applies to

Moore Stephens International Services (BVI) Limited

Deadlines

• Friday, 31st March, 2017 (close of business): Deadline for full compliance with regulation 7(2)(b) of the Anti-Money Laundering Regulations, 2008 and paragraph 2 of the Anti-Money Laundering (Amendment) Regulations, 2015
• on or before Friday, 31st March, 2017: Deadline for providing written confirmation to the Commission of full compliance