The Financial Services Authority has hit RL360 Life Insurance Company with a £1.9m fine.
The penalty follows an inspection that uncovered multiple breaches of anti-money laundering (AML) and counter-terrorist financing (CFT) rules.
The FSA stated that RL360 failed to meet requirements under the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019.
The original penalty of £2,785,714 was reduced by 30% to £1,950,000 due to RL360’s “constructive and pragmatic dialogue” with the regulator and early remediation efforts.
Findings
The FSA’s inspection findings included failures in RL360’s Business Risk Assessment, which did not adequately assess money laundering and terrorist financing risks for each entity.
The FSA noted that RL360 “conducted insufficient ongoing monitoring for high-risk customers,” and in some cases, failed to reassess risk profiles when changes occurred.
Despite the breaches, the FSA acknowledged RL360’s “proactive implementation of operational enhancements” and “extensive remediation programme.”
The company has since made changes to address the shortcomings.
For further details, the full public statement can be found on the FSA’s website.
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