Directive - SUCRE & SUCRE TRUST LIMITED (2017-02-15)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against Sucre & Sucre Trust Limited under section 40(1) of the Financial Services Commission Act, 2001. It orders the company to remedy specific anti-money laundering compliance failures by a fixed deadline and to confirm this to the Commission in writing.

• Compliance requirement: By close of business on Friday, 31 March 2017, Sucre & Sucre Trust 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.
• Written confirmation: 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 BF101113/374.

This Directive applies only to Sucre & Sucre Trust Limited and does not create general obligations for other regulated entities; it is published as an enforcement action notice on the Commission's alerts library.

Key obligations

• Sucre & Sucre Trust 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.
• Sucre & Sucre Trust Limited must provide written confirmation to the Commission, on or before Friday, 31 March 2017, that it has fully complied with the above AML requirements.

Applies to

trust company (Sucre & Sucre Trust Limited)

Deadlines

• Friday, 31 March 2017 (close of business): Deadline for Sucre & Sucre Trust 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, 31 March 2017: Deadline for the company to submit written confirmation of compliance to the Commission.