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Enforcement Action
Enforcement Action:
Enforcement Summary:
An administrative penalty in the amount of $55,000.00 was imposed on DANTRUST LIMITED for its contravention of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008: a) section 11(1) for failing to establish a written system of internal controls to undertake money laundering and terrorist financing risk assessments in relation to each customer, business relationship or one-off transaction; b) section 14 for the Board of Directors and senior management failing to ensure that policies and procedures are updated and implemented rigorously throughout the Licensee; 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; and e) section 48 for failing to provide adequate training at appropriate frequencies
Matter ID: