Enforcement Action

Enforcement Action: Administrative Penalty $25,000.00
Name of Entity: ILS Fiduciary (BVI) Limited
Date of Action: 30/11/2015

An administrative penalty in the amount of $25,000.00 was imposed on ILS Fiduciary (BVI) Limited for its contravention of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008:

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

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

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