On Air The Morning Show Marc Tyley | 9:30am - Noon

Yacht management firm fined almost £6,000 by FSA

Dohle found not to be complying with anti-money laundering rules

A ship management company based in Douglas has been fined almost £6,000 and is deregistering one of its services after being found not to have complied with financial laws.

Dohle Yacht Management Services Limited were found to have breached anti-money laundering rules as well as the Countering the Financing of Terrorism code.

The Isle of Man Financial Services Authority carried out an inspection at Dohle in April last year, identifying a number of contraventions.

The FSA found the level of the breaches to merit a fine be imposed in the higher penalty bracket.

A fine of £5,896 has been issued, reduced to £4,127 due to Dohle's co-operation with the FSA.

Dohle also had to suspend all existing and established business relationships until compliance with the code could be ensured, and has now asked the FSA to deregister it as an external accountant.

More from Isle of Man News