Failings recorded by IQ EQ
Historic regulatory failings in respect of the Financial Services Rule Book and the Anti-Money Laundering and Countering the Financing of Terrorism Code have cost a local business £600,000.
The civil penalty was imposed following an investigation by the Financial Services Authority into a number of services offered by Douglas based IQ EQ Isle of Man.
The issues came to light during a supervisory inspection in April 2021; a sample of files identified contraventions of the code and breaches of the rule book.
The FSA says the penalty imposed included a discount of 30 percent to reflect the company's cooperation during the process along with other mitigating factors.
IQ EQ IOM has now implemented new procedures and engaged additional personnel at board and officer level.
You can find out more here.
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