Enforcement Action

Enforcement Action: Warning Letter
Name of Entity: Caledonian Fund Services (BVI) Ltd.
Date of Action: 15/12/2014

A warning was issued to Caledonian Fund Services (BVI) Ltd. for its contraventions of:

  1. section 13(2)(d) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, for failing to put in place a mechanism to recognise and report a suspicious transaction;
  2. section 42(2) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, for failing to ensure that records are maintained in a form that can be easily retrievable;
  3. section 34(3) of the Financial Services Commission Act, 2001, for failing to appoint a compliance officer; and
  4. section 27 of the Regulatory Code 2009, for failing to establish a Business Continuity and Disaster Recovery plan.