Enforcement Action

Enforcement Action: Warning Letter
Name of Entity: G.S.L. Law & Consulting Limited
Date of Action: 12/15/2014

A warning was issued to G.S.L. Law & Consulting Limited for its contraventions of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 (“AMLTF Code”):

  1. section 11(3)(e) for failing to ensure that money laundering and terrorist financing risks are assessed and mitigated;
  2. section 11(3)(i) for failing to implement measures to adequately meet recordkeeping and reporting requirements and provide for timely updates in response to changes in legislation;
  3. section 11(3)(j) for failing to implement risk-based customer due diligence policies, processes and procedures;
  4. section 11(3)(k) for failing to provide additional controls for higher risk customers, transactions and products; and
  5. section 11(3A) for failing to carry out internal testing.