You are here

Colonial Insurance (BVI) Limited

Enforcement Action
Enforcement Action:
Enforcement Summary:
An administrative penalty in the amount of $97,000.00 was imposed on Colonial Insurance (BVI) Limited for its contravention of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008: a) section 11 for failing to provided appropriate policies, procedures and processes for forestalling and preventing money laundering and terrorist financing; b) section 12 for failing to establish a written system of internal controls to undertake money laundering and terrorist financing risk assessment in relation to each customer, business relationship or one-off transaction; c) section 19(2) for failing to properly engage in or undertake customer due diligence; d) section 20 for failing to engage in proper enhanced customer due diligence; e) section 21 for failing to review and keep up-to-date customer due diligence information in the required manner; and f) section 48 for failing to provide employees with adequate training.
Matter ID: