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Abacus Trust and Management Services Limited

 
Action Date:
Thursday, 27 October, 2016
Category:
Enforcement Action:
Enforcement Summary:
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.
Matter ID:
BF101113/322