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.