Warning Letter - Century Insurance Agency Limited (2013-08-28)

Summary

This is a public enforcement notice published by the BVI Financial Services Commission stating that it issued a warning letter to Century Insurance Agency Limited, a licensed insurance agent. The notice records a completed enforcement action rather than imposing new ongoing requirements on the wider industry.

• Contraventions cited: Section 11(3A) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, and section 32(1) of the Regulatory Code, 2009.
• Nature of failure: Century Insurance Agency Limited failed to establish and maintain an independent audit function and failed to test the effectiveness of its internal control system.
• Licence type: Insurance Agents.
• Matter reference: COM072613/117.

The notice is informational, disclosing a specific regulatory outcome; it does not itself create new compliance obligations for other regulated entities, though it illustrates the Commission's expectations regarding independent audit functions and internal control testing under the AML/CFT Code and Regulatory Code.

Applies to

Insurance Agents