Enforcement Action

Enforcement Action: Warning Letter
Name of Entity: INTAC (BVI) International Investments Limited
Date of Action: 11/27/2015

A warning letter was issued to INTAC (BVI) International Investments Limited for its contravention of the following sections of the Anti-Money Laundering and Terrorist Code of Practice, 2008:

a)   section 11(3)(n) for failing to incorporate anti-money laundering and terrorist financing compliance into job descriptions and performance evaluations of key staff;


b)   section 19(2), 19(3)(d) and 19(4) for failing to engage in customer due diligence in the required manner; and


c)     section 47(1)(b) for failing to employ appropriate systems and procedures of testing the awareness and understanding of the employees with respect to the training provided to them.