Enforcement Action

Enforcement Action: Administrative Penalty $25,000.00
Name of Entity: Lotus Corporate Services Ltd.
Date of Action: 20/10/2015

An administrative penalty in the amount of $25,000.00 was imposed on Lotus Corporate Services Ltd. for its contravention of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008:

a)      section 19 for failing to engage in or undertake customer due diligence, or additional CDD in the case of a trustee of a trust or a legal person;

b)      section 20 for failing to engage in proper enhanced customer due diligence; and

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