Warning Letter - Caledonian Fund Services (BVI) Ltd. (2014-12-15)

Summary

This is a notice published by the BVI Financial Services Commission announcing that it issued a Warning Letter to Caledonian Fund Services (BVI) Ltd. as an enforcement action. It records the specific regulatory contraventions found, but does not itself impose new rules; it informs the public that this firm was warned for the listed breaches.

• Failure to detect suspicious activity: Contravened section 13(2)(d) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, by failing to put in place a mechanism to recognise and report a suspicious transaction.
• Inadequate record retrieval: Contravened section 42(2) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, by failing to ensure records are maintained in a form that can be easily retrieved.
• No compliance officer: Contravened section 34(3) of the Financial Services Commission Act, 2001, by failing to appoint a compliance officer.
• No business continuity plan: Contravened section 27 of the Regulatory Code 2009, by failing to establish a Business Continuity and Disaster Recovery plan.

The notice identifies the matter by reference ID BF101113/211 and serves as a public record of the enforcement action taken; it does not set out any further steps or deadlines for the firm or other entities.

Applies to

fund services providers, investment business licensees