Directive - Newhaven Trustees (BVI) Limited (2017-02-15)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission. It records a Directive issued under section 40(1) of the Financial Services Commission Act, 2001 against Newhaven Trustees (BVI) Limited, a trust and corporate services provider, for failing to comply with specific anti money laundering regulatory requirements.

• Compliance deadline: Newhaven Trustees (BVI) Limited was directed to fully comply, by close of business on 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: 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 regulatory requirements.
• Matter reference: The action is recorded under Matter ID BF101113/370.

This notice is specific to Newhaven Trustees (BVI) Limited and does not impose new general requirements on other licensees, but it illustrates the Commission's enforcement approach to breaches of AML customer due diligence and record keeping obligations under the 2008 and 2015 AML Regulations.

Key obligations

• Newhaven Trustees (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.
• Newhaven Trustees (BVI) 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 and corporate services providers

Deadlines

• Friday, 31st March, 2017: Deadline for Newhaven Trustees (BVI) Limited to 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.
• Friday, 31st March, 2017: Deadline for Newhaven Trustees (BVI) Limited to provide written confirmation to the Commission of full compliance with the specified AML requirements.