Enforcement Action

Enforcement Action: Warning Letter
Name of Entity: Abacus Trust and Management Services Limited
Date of Action: 27/10/2016
A warning letter was issued to Abacus Trust and Management Services Limited for its contravention of the following legislation:


(a) section 12 of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008       (“AMLTFC”) by failing to carry out money laundering and terrorist financing risk assessments;


(b) sections 19(2), 19(3)(d), 19(4) and 19(5) of the AMLTFC by failing to engage in or undertake customer due diligence, or additional customer due diligence in the case of a trustee of a trust or a legal person;

(c) section 20 of the AMLTFC by failing to engage in enhanced customer due diligence;


(d) section 21 of the AMLTFC by failing to review and keep up-to-date customer due diligence information in the required manner; and

(e) sections 31(2) and 31(5) of the AMLTFC by failing to record an introduction of an applicant for business or a customer, or to ensure that an introducer reviews and maintains customer due diligence information as required.