The Isle of Man Financial Services Authority has fined Isle of Man Assurance Ltd, a locally-based life insurance policy provider, £87,000 for consecutive failures to comply with a range of regulations such as anti-money laundering checks.
The regulator stated Isle of Man Assurance had neglected to tackle adequate risk evaluation, and hadn’t provided “proof that it was working proper controls and procedures in respect of monitoring greater risk customers or customers that were/are politically vulnerable persons.”
In a declaration, the IoM FSA stated: “The authority is satisfied that the imposition of the civil penalty to Isle of Man Assurance Ltd reflects the severe nature of the regulatory failings identified and this public announcement will inspire other people to obey the regulatory and legal requirements and responsibilities which are essential to the conduct of business at the regulated insurance industry.”
Isle of Man Assurance entered into settlement negotiations with the Authority and, having approved the investigation decisions, sought to finalise matters expeditiously.”
“In compliance with the decision-making procedure, Isle of Man Assurance entered into settlement negotiations with the Authority and, having approved the investigation decisions, hunted to finalise matters expeditiously.”
“The power welcomes and acknowledges Isle of Man Assurance’s co-operative strategy and considers this is an additional favorable endorsement of this decision-making procedure.”
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