Enforcement Action

Enforcement Action: Administrative Penalty $25,000.00
Name of Entity: Midland Trust Limited
Date of Action: 11/30/2015

An administrative penalty in the amount of $25,000.00 was imposed on Midland Trust Limited 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 properly engage in or undertake customer due diligence;

b)     section 20(2) and (4) for failing to engage in proper enhanced customer due diligence; 

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

d)    section 31(5) for failing to adequately ensure that an introducer reviews and maintains customer due diligence as required.