Annual report showed high proportion of foreign politically exposed persons
The Island's financial regulator has given a Manx company a fine of just over £40,000 under anti-money laundering and counter terrorism laws.
The Isle of Man Financial Services Authority says Y & A Group has a high proportion of foreign politically exposed persons in the business's annual submission.
Y & A, which is registered with the FSA as a tax adviser, was inspected in April last year - this identified a significant number of contraventions by the firm and its clients.
It comes after an annual return to the authority in 2020 indicated a high proportion of foreign politically exposed persons - or FPEPs.
Among the issues highlighted were a risk assessment policy that was 'too generic' and didn't identify the risks posed to the business, a lack of adequately established source of funds and source of wealth, and FPEPs not being identified as such at the appropriate time.
The FSA deemed the breach to be in the more serious bracket for imposing a civil penalty, resulting in a fine of £40,901, which has been discounted by 30 percent to £28,631 as the company engaged positively with the regulator throughout the matter.
The authority adds that it is committed to taking appropriate and proportionate action to address contraventions of its anti-money laundering and counter terrorism code.
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