Enforcement Action

Enforcement Action: Administrative Penalty $97,000.00
Name of Entity: Colonial Insurance (BVI) Limited
Date of Action: 12/11/2015

An administrative penalty in the amount of $97,000.00 was imposed on Colonial Insurance (BVI) Limited for its contravention of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008:

a)   section 11 for failing to provided appropriate policies, procedures and processes for forestalling and preventing money laundering and terrorist financing;

b)    section 12 for failing to establish a written system of internal controls to undertake money laundering and terrorist financing risk assessment in relation to each customer, business relationship or one-off transaction;

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;

e)      section 21 for failing to review and keep up-to-date customer due diligence information in the required manner; and

f)       section 48 for failing to provide employees with adequate training.