Basic Search  |  Summaries  |  Advanced SearchPenalty: £51,551
Year: 2019
Date: 21 November, 2019
Offence Group: financial offences
Offence Type: anti-money-laundering deficiencies
Violation Description: FTL provided corporate services pursuant to its Class 4 permissions to Client A without operating an appropriate risk management framework and methodology. Whilst FTL did have appropriate documented procedures for the Class 4 services it provided to all other clients, those procedures were not sufficiently tailored to Client A. In undertaking its own customer risk assessment and ongoing monitoring requirements in respect of Client A, FTL contravened the Code. A collective investment scheme is defined as a business in the regulated sector (Schedule 4 to the Proceeds of Crime Act 2008). FTL had, inadvertently, paid insufficient regard to Client A's compliance with the Code. In providing services to Client A, FTL had breached provisions of the Financial Services Rule Book 2016
Agency: Isle of Man Financial Services Authority
Source of Data: (click here)