Directive - SHIRLEY TRUST COMPANY (BVI) LIMITED (2017-02-15)

Summary

This is an enforcement notice published by the BVI Financial Services Commission disclosing a Directive issued to Shirley Trust Company (BVI) Limited under section 40(1) of the Financial Services Commission Act, 2001. The Directive requires the company to remedy specific anti-money laundering compliance failures by a fixed deadline and to confirm this to the Commission.

• Compliance deadline: By close of business on Friday, 31 March 2017, the company 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 company must provide written confirmation to the Commission that it has fully complied with these AML requirements.
• Reference: The matter is recorded under Matter ID BF101113/372.

This notice is entity-specific enforcement action rather than a rule of general application, but it illustrates the Commission's expectations around regulation 7(2)(b) compliance for trust and corporate service providers under BVI AML regulations.

Key obligations

• Shirley Trust Company (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.
• Shirley Trust Company (BVI) Limited must provide written confirmation to the Commission on or before 31 March 2017 that it has fully complied with these AML requirements.

Applies to

Trust company, Trust & Corporate Services Provider

Deadlines

• Friday, 31 March 2017: Deadline for Shirley Trust Company (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, 31 March 2017: Deadline for Shirley Trust Company (BVI) Limited to provide written confirmation of compliance to the Commission.