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Violation Tracker UK Individual Case

Company: Apex Fund Services (IOM) Limited
Penalty: £91,682
Year: 2018
Date: 11 January, 2018
Offence Group: financial offences
Offence Type: anti-money-laundering deficiencies
Violation Description: Following an investigation by the Authority, it passed a file to the Attorney General's Chambers regarding prima facie contraventions of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015 (the Code) by a licenceholder. On 28th March 2017 that licenceholder was convicted of several counts involving contraventions of the Code. The licenceholder was fined as a result of the conviction. The Authority continues to review aspects of that licenceholder's business and the licenceholder continues to co-operate with the Authority in that regard.  A second investigation found that Apex IOM were not acting upon issues identified by Apex IOM's compliance officer; that Apex IOM's focus was on financial performance and where certain commercial decisions were impacting Apex IOM's regulatory compliance; that there was a presence of certain practices which resulted in non-adherence to Apex IOM's own document procedures and controls and measures; despite non-compliance with documented procedures and controls being stated to be a disciplinary matter, non-compliance never resulted in any form of disciplinary action; key staff were not undertaking the required CPD (continuing professional development); there was open discord amongst the senior operational team with regard to ‘risk management' and new business where such discord contributed an environment of non-compliance; that Apex IOM were only acting on ‘issues' when those matters were identified by the Authority, typically through its program of inspections. The matters referred to above were in addition to – other material breaches identified in the 2015 inspection; other material breaches identified in the 2016 inspection; the conviction of Apex IOM for contraventions of the Code.
Agency: Isle of Man Financial Services Authority
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