FSA says Capital International hadn't mitigated all risks
An Island-based finance firm has been fined more than £100,000 after being found to have breached anti-money laundering and countering the financing of terrorism rules.
Capital International Limited was inspected as part of a project by the Isle of Man Financial Services Authority looking into foreign politically exposed persons.
The FSA identified certain instances of historic contravention of the code, and deemed it proportionate to issue a civil penalty.
The firm was handed a £170,851 penalty discounted by 30 percent to reflect the company's co-operation.
The inspection found CIL could not fully demonstrate management and mitigation of all risks as required by the code.
Some files didn't contain the required level of detail on risk factors, while some cases didn't fully comply with the requirements for source of funds or wealth information.
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