The Isle of Man Financial Services Authority (IOMFSA) has hit Standard Bank with a £247,324 fine for its failure to promptly identify money laundering activities from an account based on the island.
In April 2021 Standard discovered in September 2020, it had acted in breach of the terms of a restraint order issued by the Isle of Man Courts pursuant to the Proceeds of Crime Act 2008.
The court order restrained the disposal, diminution, removal from the jurisdiction o...
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