IQ EQ IOM has been hit with a massive £614,009 fine by the island’s regulator.
The Isle of Man Financial Services Authority issued the fine for historic regulatory failings.
The issues were discovered during an inspection in April 2021 when a review of a sample of files identified contraventions of the Financial Services Rule Book and Anti-Money Laundering and Countering the Financing of Terrorism Code 2019
At the time it was found that the corporate governance structure and compliance framework in place was “not appropriate for the size, scale and complexity of the business during the material time”.
However, the company had undertaken a lot of work itself once the issues arose and its directors had worked to improve matters.
The FSA said the company had “entered into settlement discussions at an early stage with the Authority and, having acknowledged the historic findings, sought to finalise and remediate matters expeditiously”.
You can read the ruling here.
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