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INTAC (BVI) INTERNATIONAL INVESTMENTS LIMITED

 
Action Date:
Sunday, 11 September, 2016
Category:
Enforcement Action:
Enforcement Summary:
An administrative penalty in the amount of $22,500.00 was imposed on INTAC (BVI) INTERNATIONAL INVESTMENTS LIMITED for its contravention of the following legislation: (a) section 11(3A) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 (AMLTFC) by failing to establish and maintain an independent audit function; (b) section 12 of the AMLTFC by failing to carry out money laundering and terrorist financing risk assessments; (c) section 30(1) of the AMLTFC by failing to ensure proper certification of document, or accepting certified document contrary to the section; (d) section 34(1) of the Financial Services Commission Act, 2001 by failing to establish and maintain adequate compliance systems and controls; (e) section 27 of the Regulatory Code, 2009 by failing to establish and maintain a business continuity plan; and (f) section 31 of the Regulatory Code, 2009 for failing to ensure the information systems are independently monitored and supported by adequate contingency arrangements.
Matter ID:
BF101113/329