Penalty of a Fine ($30,000) - Intertrust Corporate Services (BVI) Limited (2023-03-08)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing an administrative fine imposed on Intertrust Corporate Services (BVI) Limited for breaching anti-money laundering rules. It is a public disclosure of a completed enforcement action rather than a document that itself creates ongoing rules for the wider industry.

• Penalty: A fine of $30,000.00 was levied against Intertrust Corporate Services (BVI) Limited.
• Contravention: Breach of section 20(3) of the Anti-Money Laundering Terrorist Financing Code of Practice, 2008, which requires Enhanced Customer Due Diligence for high-risk applicants for business, customers or transactions.
• Reference: Matter ID ENF051322/032.

The notice serves as a public record of the sanction and a reminder to trust and corporate services providers of the importance of applying enhanced due diligence to high-risk customers and business relationships.

Applies to

Trust and Corporate Services Providers, DNFBPs