Licenceholder convicted of contraventions of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015
The publication of the following information is made by the Financial Services Authority in accordance with the provisions of section 30(1) of the Financial Services Act 2008.
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.
Compliance with the Code is a key element in preventing the abuse of the Isle of Man and its financial services industry being utilised by those who would wish to launder the proceeds of crime or finance terrorism.
Given the Authority’s ongoing review, no further comment will be made at this time.