Basic Search  |  Summaries  |  Advanced SearchPenalty: £4,127
Year: 2023
Date: 20 January, 2023
Offence Group: financial offences
Offence Type: anti-money-laundering deficiencies
Violation Description: 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)