The British Virgin Islands Financial Services Commission found TMF (B.V.I) Ltd. failed to perform enhanced customer due diligence and other rules of the 2008 Anti-Money Laundering Terrorist Financing Code of Practice law.

The firm which specialises in complex financial transactions and regulatory compliance was fined $120,000 on Sept. 18 for failing to meet rules combating money laundering, according to regulators.

The amount is the heftiest monetary penalty the commission has handed out in recent years. In January, ILS Fiduciary (BVI) Limited was fined $35,000 and Intertrust Corporate Services (BVI) Limited was fined $30,000 in March. Three firms had their licenses revoked. Four financial services firms were fined in 2022, with the highest fine being $55,000.