On 16 July, LSM reported that the Board of the Financial and Capital Market Commission (FKTK) is to apply a fine of €906,610 on Signet Bank for breaches of the AML/CFT regulatory requirements. It is said that the Signet bank is a private bank that makes a lot of its “tailor-made” approach to its wealthy client list. A fine of 85% of maximum statutory amount has been applied to the bank, i.e. 10% of the bank’s total annual turnover.




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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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