Warning Letter - Crescent Corporate Services Limited (2014-01-04)

Summary

This is a public enforcement notice from the British Virgin Islands Financial Services Commission (BVI FSC) recording a warning letter issued to Crescent Corporate Services Limited, a licensed trust and corporate services provider. It is informational, documenting a past compliance failure rather than creating new ongoing rules for the wider industry.

• AML/CFT control failure: Failure to establish, as part of its internal control system, a mechanism to recognise and report transactions suspected of involving proceeds of crime, drug trafficking, money laundering or terrorist financing, contrary to section 13(2)(d) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.
• Insurance failure: Failure to maintain sufficient professional indemnity insurance, contrary to sections 160(1) and 161(1) of the Regulatory Code, 2009.

The notice identifies the matter by reference BF101113/202 and serves as a public record of the warning; it does not itself set out further remedial deadlines or new requirements for other entities.

Applies to

Trust and Corporate Services Providers (TCSPs)