Enforcement Action

Enforcement Action: Administrative Penalty $15,000.00
Name of Entity: CCS Trustees Limited
Date of Action: 30/11/2015

An administrative penalty in the amount of $15,000.00 was imposed on CCS Trustees 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 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(2) and (4) for failing to engage in proper enhanced customer due diligence; and

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