Warning Letter - Asialink Trust Limited (2013-10-04)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording a warning letter issued to Asialink Trust Limited, a Banking and Fiduciary Services licensee. The notice is purely informational, disclosing an enforcement action already taken; it does not itself create new ongoing obligations for other firms.

• Breach found: Asialink Trust Limited contravened section 4 of the Financial Services (Prudential and Statistical Returns) Order, 2009 by failing to file its required prudential return within the specified time period.
• Action taken: The Commission issued a formal warning letter to the firm.
• Reference: Matter ID BF040213/035.

For other regulated entities, the underlying takeaway is a reminder that prudential and statistical returns must be filed within the timeframes set by the Financial Services (Prudential and Statistical Returns) Order, 2009, as failure to do so can result in published enforcement action.

Key obligations

• Licensees subject to the Financial Services (Prudential and Statistical Returns) Order, 2009 must file required prudential returns within the specified time period (the underlying rule breached by Asialink Trust Limited).

Applies to

Trust companies, Banking and Fiduciary Services licensees