Enforcement Action

Enforcement Action: Administrative Penalty $20,000.00
Name of Entity: Arias Fabrega & Fabrega Trust Co. BVI Limited
Date of Action: 1/13/2015

An administrative penalty in the amount of $20,000.00 was imposed on Arias Fabrega & Fabrega Trust Co. BVI 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 20(2) and 20(4) for failing to engage in proper enhanced customer due diligence; and

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