AML/CFT Enforcement Actions

AML/CFT Enforcement Actions

The Commission can take enforcement action against errant licensed or supervised entities to maintain the integrity of the financial system in the TCI. Where enforcement action is taken, it will be done in a manner which is fair, consistent, transparent, and effective, with the overall aim of promoting compliance and integrity.

The types of enforcement action which may be taken against a licensee are as follows:

• Revocation of licence
• Suspension of licence
• Appointment of an Examiner to conduct an investigation
• Require the licensee to appoint a qualified person
• Directive
• Protection Order
• Court-ordered Winding-Up of the licensee
• Issue a Public Statement
• Impose a Financial Penalty

The types of enforcement actions which may be taken against a DNFBP are listed as follows:

• Directive
• Cancellation of Registration
• Impose a Financial Penalty

The types of enforcement action which may be taken against a non-profit organisation are listed as follows:

• De-registration of an NPO;
• Imposition of administrative penalties up to a maximum of $50,000 in the following situations
  • Breach of the requirement to keep records of the identity of the persons who control or direct the activities of the organisation, including as appropriate, senior officers, directors and trustees
  • Breach of the requirement to keep records of the identity, credentials and good standing of beneficiaries and associate of non-profit organisations
  • Breach of the requirement to keep a list of donors who have donated in excess of $10,000 as a single donation or cumulatively, during the year
  • Breach of the requirement to keep financial records in accordance with regulation 14(1)

Further information on the Commission’s enforcement actions is provided in the Commission’s Enforcement Manual.