Standard Bank Isle of Man Limited fined £247,324
Following an investigation into Standard Bank Isle of Man Limited ("Standard") by The Isle of Man Financial Services Authority (the "Authority"), Standard must pay a discretionary civil penalty imposed of £353,320 discounted by 30% to £247,324 (the "Civil Penalty").
In April 2021, Standard discovered that, in September 2020, it had acted in breach of the terms of a Restraint Order issued by the Isle of Man Courts according to the Proceeds of Crime Act 2008 ("the "Court Order").
The breach of the Court Order involved two stages:
- Enabling the transfer of funds between the Restrained Accounts within Standard; and
- Processing an instruction from the client for further transfer of funds out of the jurisdiction of the Isle of Man, albeit to another Standard Bank group entity.
Standard immediately notified the Authority of this matter concerning its obligations under Anti-Money Laundering and Countering the Financing of Terrorism ("AML/CFT") legislation and the Financial Services Rule Book 2016.
READ MORE:- https://www.iomfsa.im/fsa-news/2022/jan/public-statement-concerning-the-regulatory-investigation-of-the-isle-of-man-financial-services-authority-in-respect-of-standard-bank-isle-of-man-limited-and-the-associated-outcomes/