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TMF (BVI) Limited

Enforcement Action
Enforcement Action:
Enforcement Summary:
An administrative penalty in the amount of $60,000.00 was imposed on TMF (BVI) Limited for its contraventions of the following sections of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008: a) section 11(3A) for failing to establish and maintain an independent audit function that is adequately resourced to test compliance; and b) section 19(2), 19(3)(d), 19(4) and 19(5) for failing to engage in or undertake customer due diligence, or additional customer due diligence in the case of a trustee or a trust or a legal person.
Matter ID: