Enforcement Action

Enforcement Action: Administrative Penalty $15,000.00
Name of Entity: JTC (BVI) Limited
Date of Action: 15/12/2015

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


a)   sections 19, 24 and 25 for failing to properly engage in or undertake customer due diligence;

b)    sections 21(2) and 23(1) for failing to review and keep up to date customer due diligence information in the required manner; and

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