TMF Group response regarding CTL

April 05, 2013 9:12 PM

Recent media coverage related to the leak of legacy data files, exposing the identities and financial details of thousands of individuals from around the world. The files relate mainly to accounts held in the British Virgin Islands and specifically by two organisations, one of which is CTL – a ring-fenced trust held by TMF Group on a consolidated basis. 

Equity Trust, part of the TMF Group since June 2011, was contracted to the management of CTL on 10 June 2009 with the approval of the British Virgin Islands Financial Services Commission to make CTL’s portfolio compliant.
 
Since 2009, Equity Trust (as part of TMF Group) has worked with the Commission to completely restructure CTL’s operations – which had been in regulatory breach – to ensure that they reach the highest standards of compliance and governance adhered to by all Equity Trust operations.
 
TMF Group continues to make significant progress in making CTL’s portfolio fully compliant and, in particular, has implemented a completely new compliance process, changed the entire management team and exited approximately 50% of CTL’s client base.
 
Nonetheless, following the recent publication of information relating to CTL clients, TMF Group has conducted an internal investigation and has, to date, not found evidence that any breach of data security has occurred since Equity Trust (and TMF Group) took over the management of CTL in June 2009.
 
TMF Group would therefore like to reassure all its clients, and those of CTL, that robust, secure procedures continue to be in place both to ensure proper business compliance and the on-going privacy of those that use its services.
 
TMF Group has a.o. branch offices in Aruba and Curacao.
 
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