The Isle of Man Financial Services Authority has fined Isle of Man Assurance Ltd, a locally-based life insurance company, £87,000 for successive failures to comply with a range of regulations including anti-money laundering checks.
The regulator said that Isle of Man Assurance had failed to undertake sufficient risk assessment, and had not provided “evidence that it was operating appropriate procedures and controls in respect of or monitoring higher risk clients and/or clients who were/are politically exposed persons.”
In a statement, the IoM FSA said: “The authority is satisfied that the imposition of the civil penalty to Isle of Man Assurance Ltd reflects the serious nature of the regulatory failings identified and that this public statement will encourage others to comply with the legal and regulatory requirements and obligations that are fundamental to the conduct of business in the regulated insurance sector.”
Isle of Man Assurance entered into settlement discussions with the Authority and, having accepted the investigation conclusions, sought to finalise matters expeditiously.”
“In accordance with the decision-making process, Isle of Man Assurance entered into settlement discussions with the Authority and, having accepted the investigation conclusions, sought to finalise matters expeditiously.”
“The authority acknowledges and welcomes Isle of Man Assurance’s co-operative approach and believes that this is a further positive endorsement of the decision-making process.”