Business
BVI Firm Fined $120,000 For Failing To Meet Anti-Money Laundering Regulations
TMF (B.V.I) Ltd. was fined $120,000 for failing to perform enhanced customer due diligence and other rules of the 2008 Anti-Money Laundering Terrorist Financing Code of Practice law of the British Virgin Islands Financial Services Commission.
The fine was instituted on September 18 against the TMF (B.V.I) Ltd which specialises in complex financial transactions and regulatory compliance.
This penalty is the largest monetary sanction the commission has imposed in recent years. In January, ILS Fiduciary (BVI) Limited received a $35,000 fine, followed by a $30,000 fine for Intertrust Corporate Services (BVI) Limited in March. Additionally, three firms had their licences revoked.
The Financial Services Commission Act of December 2001 established the British Virgin Islands Financial Services Commission as an independent regulatory authority responsible for overseeing and inspecting all financial services within and from the BVI.