Commonwealth Trust Limited

An administrative penalty in the total amount of $335,000.00 was imposed on Commonwealth Trust Limited for the following contraventions: section 11 of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 for its failing to maintain appropriate policies, procedures and other measures to prevent misuse of technological developments - $75,000.00; section 12 of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 for failing to carry out money laundering and terrorist financing risk assessments - $75,000.00; section 20 of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 for failing to engage in enhanced customer due diligence - $60,000.00; and section 21(1), (2) and (3) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 for failing to review and keep up-to-date customer due diligence information in the required manner - $65,000.00; and section 31(2) and 31(5) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 for failing in its obligation in how it conducts business with its introduced clients - $60,000.00.