Directive - PATTON MORENO AND ASVAT (BVI) LIMITED (2017-02-15)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission (FSC) disclosing a Directive issued against Patton Moreno and Asvat (BVI) Limited under section 40(1) of the Financial Services Commission Act, 2001. It records specific compliance failures relating to anti-money laundering requirements and sets a deadline for the firm to remedy them.

• Compliance requirement: The firm was directed to fully comply, by close of business on 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.
• Confirmation requirement: The firm was directed to provide the Commission with written confirmation, on or before 31 March 2017, that it had fully complied with the above AML requirements.

This is an entity-specific enforcement directive rather than a general rule change, and it applies only to Patton Moreno and Asvat (BVI) Limited (Matter ID: BF101113/371). It does not impose new obligations on other regulated entities.

Key obligations

• Patton Moreno and Asvat (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.
• Patton Moreno and Asvat (BVI) Limited must provide the Commission with written confirmation of that compliance on or before 31 March 2017.

Applies to

Patton Moreno and Asvat (BVI) Limited

Deadlines

• Friday, 31st March, 2017: Deadline for Patton Moreno and Asvat (BVI) Limited to fully comply with regulation 7(2)(b) of the AML Regulations, 2008 and paragraph 2 of the AML (Amendment) Regulations, 2015.
• Friday, 31st March, 2017: Deadline for the firm to provide written confirmation to the Commission of its compliance.