Enforcement Action

Enforcement Action: Administrative Penalty $60,000.00
Name of Entity: TMF (BVI) Limited
Date of Action: 08/04/2015

An administrative penalty in the amount of $60,000.00 was imposed on TMF (BVI) Limited for its contraventions of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008:

a)      section 11(3A) for failing to establish and maintain an independent audit function that is adequately resourced to test compliance; and

b)      section 19(2), 19(3)(d), 19(4) and 19(5) for failing to engage in or undertake customer due diligence, or additional customer due diligence in the case of a trustee or a trust or a legal person.