Directive - TMF Corporate Services (BVI) Limited (2017-02-15)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission (FSC) disclosing a Directive issued against TMF Corporate Services (BVI) Limited under section 40(1) of the Financial Services Commission Act, 2001. The Directive orders the firm to remedy a specific anti-money laundering compliance failure by a fixed deadline and to confirm this to the Commission.

• Compliance deadline: TMF Corporate Services (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.
• Confirmation requirement: The firm was also directed to provide written confirmation to the Commission on or before Friday 31 March 2017 that it had fully complied with those AML requirements.
• Legal basis: The Directive was issued pursuant to section 40(1) of the Financial Services Commission Act, 2001, and is recorded under Matter ID BF101113/376.

This notice is entity-specific and does not create general obligations for other licensees; it serves as a public record of enforcement action taken against this particular trust and corporate services provider.

Key obligations

• TMF Corporate Services (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.
• TMF Corporate Services (BVI) Limited must provide written confirmation to the FSC on or before 31 March 2017 that it has complied with the above AML requirements.

Applies to

Trust and Corporate Services Providers

Deadlines

• Friday, 31st March, 2017 (close of business): Deadline for TMF Corporate Services (BVI) 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, 31st March, 2017: Deadline for TMF Corporate Services (BVI) Limited to provide written confirmation of compliance to the Commission.