Enforcement Action

Enforcement Action: Administrative Penalty $22,500.00
Name of Entity: INTAC (BVI) INTERNATIONAL INVESTMENTS LIMITED
Date of Action: 09/11/2016
An administrative penalty in the amount of $22,500.00 was imposed on INTAC (BVI) INTERNATIONAL INVESTMENTS LIMITED for its contravention of the following legislation:


(a) section 11(3A) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 (“AMLTFC”) by failing to establish and maintain an independent audit function;

(b) section 12 of the AMLTFC by failing to carry out money laundering and terrorist financing risk assessments;

(c) section 30(1) of the AMLTFC by failing to ensure proper certification of document, or accepting certified document contrary to the section;

(d) section 34(1) of the Financial Services Commission Act, 2001 by failing to establish and maintain adequate compliance systems and controls;

(e) section 27 of the Regulatory Code, 2009 by failing to establish and maintain a business continuity plan; and

(f) section 31 of the Regulatory Code, 2009 for failing to ensure the information systems are independently monitored and supported by adequate contingency arrangements.