ISLE OF MAN FSA STATEMENT IN RESPECT OF STANDARD BANK ISLE OF MAN LIMITED – PENALTY IMPOSED

On 7 January, the Isle of Man Financial Services Authority issued a statement about its investigation into the bank following the discovery that that, in September 2020, the bank had acted in breach of the terms of a Restraint Order issued by the Isle of Man Courts pursuant to the Proceeds of Crime Act 2008.  The breach involved enabling the transfer of funds between the restrained accounts within the bank; and processing an instruction from the client for further transfer of funds out of the jurisdiction, albeit to another Standard Bank group entity.  Following the investigation, the FSA imposed a discretionary civil penalty of £353,320 (discounted by 30% to £247,324).

https://www.iomfsa.im/fsa-news/2022/jan/public-statement-concerning-the-regulatory-investigation-of-the-isle-of-man-financial-services-authority-in-respect-of-standard-bank-isle-of-man-limited-and-the-associated-outcomes/

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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