Warning Letter - Amicorp B.V.I. Limited (2014-12-17)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording a warning letter issued to Amicorp B.V.I. Limited. It documents a specific finding against that firm rather than setting out new rules for industry generally.

• Breach found: Contravention of section 22(1) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.
• Nature of failing: Amicorp B.V.I. Limited failed to have appropriate risk-based policies, processes and procedures for determining whether an applicant for business or a customer is a politically exposed person.
• Action taken: The Commission issued a warning letter to the firm (Matter ID: BF101113/212).

The notice is informational, publicising a completed enforcement action against a named entity. It does not itself impose new ongoing obligations on other regulated entities, though it signals the Commission's expectation that all relevant licensees maintain adequate PEP screening policies under section 22(1) of the AML/TFC Code of Practice.

Applies to

Trust & Corporate Services Providers