Warning Letter - Arias, Fabrega & Fabrega Trust Co. (BVI) Limited (2014-12-19)

Summary

This is a public enforcement notice from the BVI Financial Services Commission announcing that it issued a warning letter to Arias, Fabrega & Fabrega Trust Co. (BVI) Limited. The notice states the basis for the warning but does not itself impose new ongoing requirements; it is a record of a completed enforcement action.

• Entity: Arias, Fabrega & Fabrega Trust Co. (BVI) Limited, a licensed trust and corporate services provider (TCSP)
• Contravention found: Breach of section 30(1) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, for failing to ensure that copies of customer due diligence documents relied upon were properly certified
• Action taken: The Commission issued a warning letter to the entity in relation to this failure
• Reference: Matter ID BF101113/218

The underlying regulatory requirement referenced is the obligation on regulated entities under section 30(1) of the AML/CFT Code of Practice to ensure due diligence document copies are properly certified; this notice simply records that the named entity was found to have breached that obligation and was warned accordingly.

Applies to

Trust & Corporate Services Providers (TCSPs)