Enforcement Action

Enforcement Action: Administrative Penalty $20,000.00
Name of Entity: Amicorp B.V.I. Limited
Date of Action: 25/02/2015

An administrative penalty in the amount of $20,000.00 was imposed on Amicorp 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 20(2) and 20(4) for failing to engage in proper enhanced 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; and

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