Basic Search  |  Summaries  |  Advanced SearchPenalty: £2,170
Year: 2020
Date: 5 August, 2020
Offence Group: financial offences
Offence Type: anti-money-laundering deficiencies
Violation Description: Contrary to the Code, Citadel was unable to evidence that it had been undertaking customer risk assessments for large periods of time and that those in more recent times were inadequately documented. Contrary to the Code, Citadel had failed to undertake a formal technological risk assessment. Contrary to Part 4 of the Code, Citadel failed to evidence appropriate arrangements to effectively monitor customer and business relationships on an ongoing basis. Contrary to paragraphs 14 and 15 of the Code, Citadel failed to evidence that it was operating appropriate procedures and controls in respect of or monitoring higher risk clients and/or clients who were/are politically exposed persons.The absence of suitable arrangements detailed above further constitutes a number of breaches of the regulatory requirements imposed on regulated insurance entities by way of the CGC.The matters above were aggravated due to the long-standing period of time over which non-compliance occurred and because a number of the matters identified by the Authority had previously been reported to Citadel by its control functions.
Agency: Isle of Man Financial Services Authority
Source of Data: (click here)