Directive - TMF (B.V.I.) LTD. (2017-02-15)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against TMF (B.V.I.) LTD. 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: TMF (B.V.I.) LTD. must, by close of business on Monday 1 May 2017, 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: TMF (B.V.I.) LTD. must provide the Commission with written confirmation, on or before Monday 1 May 2017, that it has fully complied with the above AML requirements.
• Matter reference: The matter is recorded under Matter ID BF101113/375.

This Directive is specific to TMF (B.V.I.) LTD. and does not itself establish new ongoing rules for other regulated entities, though it illustrates the Commission's enforcement of existing AML regulation 7(2)(b) obligations.

Key obligations

• TMF (B.V.I.) LTD. 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 Monday, 1 May 2017.
• TMF (B.V.I.) LTD. must provide written confirmation to the Commission, on or before Monday, 1 May 2017, that it has fully complied with those AML requirements.

Applies to

TMF (B.V.I.) LTD., Trust & Corporate Services Providers

Deadlines

• Monday, 1st May, 2017: Deadline for TMF (B.V.I.) LTD. 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 Monday, 1st May, 2017: Deadline for TMF (B.V.I.) LTD. to provide written confirmation of compliance to the Commission