Enforcement Action

Enforcement Action: Administrative Penalty $55,000.00
Date of Action: 02/11/2015

An administrative penalty in the amount of $55,000.00 was imposed on DANTRUST LIMITED for its contravention of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008:

a)   section 11(1) for failing to establish a written system of internal controls to undertake money laundering and terrorist financing risk assessments in relation to each customer, business relationship or one-off transaction;

b)  section 14 for the Board of Directors and senior management failing to ensure that policies and procedures are updated and implemented rigorously throughout the Licensee;

c)       section 19(2) for failing to properly engage in or undertake customer due diligence;

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

                  e)     section 48 for failing to provide adequate training at appropriate frequencies