Warning Letter - Proservices Limited (2014-12-17)

Summary

This is a warning letter published by the BVI Financial Services Commission as part of its enforcement action alerts. It records that a warning was issued to Proservices Limited for a specific breach of the Anti-Money Laundering Regulations, 2008, rather than imposing any new rule or ongoing requirement on the public.

• Breach found: Proservices Limited contravened section 7(4) of the Anti-Money Laundering Regulations, 2008 by failing to obtain written assurance from an introducer that the introducer had obtained and recorded evidence of the identity of the applicant for business in accordance with the introducer's own identification procedures.
• Action taken: The Commission issued a warning letter to Proservices Limited in respect of this contravention (Matter ID: BF101113/216).

The notice is informational and specific to this entity and matter; it does not itself create new continuing obligations, but it illustrates the Commission's expectation that firms relying on introduced business obtain and retain written assurance of identity verification from introducers.

Applies to

entities relying on introducers for customer due diligence under the Anti-Money Laundering Regulations, 2008