Warning Letter - Abacus Trust and Management Services Limited (2016-10-27)

Summary

This is a public enforcement notice from the BVI Financial Services Commission disclosing that a warning letter was issued to Abacus Trust and Management Services Limited for multiple breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 (AMLTFC). It is a historical record of a completed enforcement action rather than a document imposing new ongoing requirements on the public.

• Risk assessments: Failing to carry out money laundering and terrorist financing risk assessments, in breach of section 12 of the AMLTFC.
• Customer due diligence: Failing to engage in or undertake customer due diligence, or additional due diligence for a trustee of a trust or a legal person, in breach of sections 19(2), 19(3)(d), 19(4) and 19(5).
• Enhanced due diligence: Failing to engage in enhanced customer due diligence, in breach of section 20 of the AMLTFC.
• Ongoing review: Failing to review and keep customer due diligence information up to date as required, in breach of section 21.
• Introducer records: Failing to record introductions of applicants for business or customers, or to ensure introducers reviewed and maintained due diligence information, in breach of sections 31(2) and 31(5).

The notice records Matter ID BF101113/322 and serves as a public alert; it does not itself set out new obligations for other regulated entities, though it illustrates the AMLTFC provisions the Commission actively enforces against trust and corporate services providers.

Applies to

Trust and corporate services providers (TCSPs), Abacus Trust and Management Services Limited