The Isle of Man Financial Services Authority (IoMFSA) has fined Nedbank Private Wealth £764,550, which is discounted by 30 percent to £535,185 for contraventions of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019.
This was identified after the firm was selected for an inspection after its 2018 statistical return to the IoMFSA showed a high proportion of foreign politically exposed persons (FPEPs).
The contraventions included customer risk ...
Start a free trial now for access to breaking news and cutting edge analysis of the wealth management industry.
You are currently not logged in,
login to view the full article
start by clicking this button.
Need a subscription,
fill out the form here or
contact subs@thewealthnet.com
PAM Insight is the world’s leading independent provider of essential specialist news, analysis and comparative data for the fast-evolving world of wealth management.
Read more about PAM
