Regulatory Alerts2019-01-01
Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019
The Isle of Man Financial Services Authority issues these Regulations to establish the framework for imposing civil penalties on relevant persons who contravene the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. The Authority may levy penalties up to 5% or 8% of a person's income depending on aggravating factors, while considering specific criteria such as systemic failures, deliberate misconduct, and cooperation levels. The Regulations further mandate written notice of decisions, allow for penalty reductions upon remediation and cooperation, and define the appeal process and payment deadlines for affected entities.
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