ISLE OF MAN: CIVIL PENALTIES FOR AML/CFT CODE VIOLATIONS

A Supplementary Order Paper for the 18th June sitting of the Island’s parliament includes the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019.  The introduce a civil penalties regime for contraventions of the Code, with 2 levels of civil penalties –

  • Level 1 – for contraventions where certain aggravating factors are not present; and
  • Level 2 – issued for contraventions where aggravating factors are present.

The amount of Level 1 penalties will be up to 5% of the relevant person’s income and Level 2 penalties will be up to 8% of the relevant person’s income.   The Regulations also provide for a reduction in the amount of a penalty by up to 30% if the relevant person has co-operated with the FSA and has taken steps to remedy the contravention to the satisfaction of the FSA.

http://www.tynwald.org.im/business/opqp/sittings/20182021/2019-SD-0201.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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