ISLE OF MAN TCSP: PENALTY FOR AML/CFT FAILINGS

On 24 November, a statement from the Financial Services Authority advised that a TCSP had received a civil penalty of £321,550 (discounted by 30% to £225,085) for contraventions of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019.  It was also established that a number of entities administered by the TCSP were not complying with their own respective obligations under the Code.   

https://www.iomfsa.im/fsa-news/2021/nov/public-statement-concerning-the-regulatory-investigation-of-the-isle-of-man-financial-services-authority-in-respect-of-bridgewater-iom-limited-and-the-associated-outcomes/

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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 View all posts by raytodd2017