Enforcement Action

Enforcement Action: Administrative Penalty $25,000.00
Name of Entity: Newhaven Corporate Services (B.V.I.) Limited
Date of Action: 24/02/2015

An administrative penalty in the amount of $25,000.00 was imposed on Newhaven Corporate Services (B.V.I.) Limited for its contraventions of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008:

a)      section 19 for failing to properly engage in or undertake customer due diligence;

b)      section 21(1) and 21(2) for failing to review and keep up to date customer due diligence information in the required manner;

c)       section 29 for failing to adopt relevant measures or additional measures or checks in non-face to face business relationships; and

d)      section 31(5) for failing to adequately ensure that an introducer reviews and maintains customer due diligence information as required.