Enforcement Action

Enforcement Action: Administrative Penalty $15,000.00
Name of Entity: Commence Overseas Limited
Date of Action: 10/12/2015

An administrative penalty in the amount of $15,000.00 was imposed on Commence Overseas Limited for its contravention of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008:


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

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