A news release from the FSA in the Isle of Man on 4th July advised that the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 have entered into force.  Previously, the only option was for criminal sanctions to be imposed when contraventions of the AML/CFT Code were identified.  It also says that the FSA is currently working on guidance, but initially an internal guidance document is being drafted – the key points from this document will be published on the FSA website in due course.  In the meantime, the FSA says that it does not intend to issue any civil penalties until these key points have been published.

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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