Warning Letter - G.S.L. Law & Consulting Limited (2014-12-15)

Summary

This is a public enforcement notice issued by the BVI Financial Services Commission recording a warning letter sent to G.S.L. Law & Consulting Limited. It sets out specific breaches of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 (AMLTF Code) that the Commission found the firm to have committed.

• Section 11(3)(e): Failing to ensure that money laundering and terrorist financing risks are assessed and mitigated.
• Section 11(3)(i): Failing to implement measures to adequately meet recordkeeping and reporting requirements and provide timely updates in response to legislative changes.
• Section 11(3)(j): Failing to implement risk based customer due diligence policies, processes and procedures.
• Section 11(3)(k): Failing to provide additional controls for higher risk customers, transactions and products.
• Section 11(3A): Failing to carry out internal testing.

The notice is purely informational, publishing the outcome of an enforcement matter (Matter ID: BF101113/210) against this named entity; it does not create new ongoing obligations for other regulated persons, but serves as a public record of the type of AML/CFT compliance failures the Commission sanctions.

Applies to

G.S.L. Law & Consulting Limited, DNFBPs (designated non-financial businesses and professions), legal and consulting service providers