Breaches of AML/CFT Code
| Authority | Isle of Man Financial Services Authority |
|---|---|
| Date received | 2018-03-09 |
| Outcome | All information sent |
| Outcome date | 2018-04-05 |
| Case ID | 366433 |
Summary
The request sought annual statistics on AML/CFT Code breaches, investigations, prosecutions, and regulatory actions from 2011 to 2017. The Authority disclosed the data in a table, noting that civil penalties are not imposed under the Code itself but referenced a separate penalty under the Financial Services Act 2008.
Key Facts
- The data covers the period from 11 October 2011 to 2017, broken down by calendar year.
- There is no power to impose civil penalties directly under the AML/CFT Code 2015.
- The number of investigated cases includes those referred for prosecution and those subject to regulatory action.
- Data excludes minor breaches where the regulated entity remediated the issue internally.
- No data was provided specifically for suspected breaches.
Data Disclosed
- 2011: 0 investigations, 0 prosecutions, 0 civil penalties, 0 regulatory actions
- 2012: 1 investigation, 1 prosecution, 0 civil penalties, 0 regulatory actions
- 2013: 0 investigations, 0 prosecutions, 0 civil penalties, 0 regulatory actions
- 2014: 1 investigation, 0 prosecutions, 0 civil penalties, 3 regulatory actions
- 2015: 0 investigations, 0 prosecutions, 0 civil penalties, 0 regulatory actions
- 2016: 1 investigation, 1 prosecution, 0 civil penalties, 1 regulatory action
- 2017: 1 investigation, 1 prosecution, 0 civil penalties, 3 regulatory actions
- Case ID: 366433
- Date received: 2018-03-09
- Outcome date: 2018-04-05
Original Request
In respect of breaches or suspected breaches of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015 (or any similar legislation that was replaced by that Code), collectively 'the Code', please provide me with: 1. The number of cases investigated by the Authority; 2. The number of cases referred to the Attorney General's chambers for consideration of prosecution for offences under the Code; 3. The number of cases for which a civil penalty was imposed; and 4. The number of cases for which regulatory action was taken, including but not limited to de-registration of a business or censure. The above request to relate to the period from 11 October 2011 to date. Please provide the information broken down by calendar year.
Data Tables (1)
| Calendar Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|---|---|---|
| 1 | The number of cases investigated by the Authority | 0 | 1 | 0 | 1 | 0 | 1 | 1 |
| 2 | The number of cases referred to the Attorney General’s Chambers for consideration of prosecution for offences under the Code | 0 | 1 | 0 | 0 | 0 | 1 | 1 |
| 3 | The number of cases for which a civil penalty was imposed | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Full Response Text
Isle of Man Financial Services Authority PO Box 58, Finch Hill House, Bucks Road, Douglas, Isle of Man, IM99 1DT Tel: +44 (0)1624 646000 Website: www.iomfsa.im
Our ref: 366433 5 April 2018
Dear ###
We write further to your request which was received on 9 March 2018 and which states:
"In respect of breaches or suspected breaches of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015 (or any similar legislation that was replaced by that Code), collectively 'the Code', please provide me with: 1. The number of cases investigated by the Authority; 2. The number of cases referred to the Attorney General's chambers for consideration of prosecution for offences under the Code; 3. The number of cases for which a civil penalty was imposed; and 4. The number of cases for which regulatory action was taken, including but not limited to de-registration of a business or censure. The above request to relate to the period from 11 October 2011 to date. Please provide the information broken down by calendar year."
Our response to your request is as follows: I have detailed below the information that is being released to you.
Calendar Year 2011 2012 2013 2014 2015 2016 2017 1 The number of cases investigated by the Authority 0 1 0 1 0 1 1 2 The number of cases referred to the Attorney General’s Chambers for consideration of prosecution for offences under the Code 0 1 0 0 0 1 1 3 The number of cases for which a civil penalty was imposed 0 0 0 0 0 0 0
4
The number of cases
for which regulatory
action was taken
including but not
limited to de-
registration of a
business or censure
0
0
0
3
0
1
3
Please note that the numbers in line 1 of the table are included in the numbers in lines
2 and 4. Also note that there is no power to impose civil penalties under the Code.
However, a civil penalty was recently imposed under the Financial Services Act 2008
for serious regulatory failings by an entity, which included a range of prima facie
contraventions of the Code: https://www.iomfsa.im/fsa-news/2018/jan/public-
statement-concerning-the-imposition-of-a-discretionary-civil-penalty-under-section-16-
of-the-financial-services-act-2008/.
Additionally, there is no data on suspected breaches and the information provided in
the table above excludes any minor breaches where no regulatory action was taken
because the regulated entity had already remediated the issue internally.
Please quote the reference number 366433 in any future communications.
Your right to request a review
If you are unhappy with this response to your freedom of information request, you
may ask us to carry out an internal review of the response, by completing a complaint
form and submitting it electronically or by delivery/post to us at
Isle of Man Financial Services Authority
PO Box 58, Finch Hill House,
Bucks Road, Douglas,
Isle of Man, IM99 1DT
Tel: +44 (0)1624 646000
Website: www.iomfsa.im
An electronic version of our complaint form can be found by going to our website at https://services.gov.im/freedom-of-information/Review . If you would like a paper version of our complaint form to be sent to you by post, please contact me and I will be happy to arrange for this. Your review request should explain why you are dissatisfied with this response, and should be made as soon as practicable. We will respond as soon as the review has been concluded.
If you are not satisfied with the result of the review, you then have the right to appeal
to the Information Commissioner for a decision on;
1. Whether we have responded to your request for information in accordance with
Part 2 of the Freedom of Information Act 2015; or
2. Whether we are justified in refusing to give you the information requested.
In response to an application for review, the Information Commissioner may, at any
time, attempt to resolve a matter by negotiation, conciliation, mediation or another
form of alternative dispute resolution and will have regard to any outcome of this in making any subsequent decision. More detailed information on your right to a review can be found on the Information Commissioner’s website at www.inforights.im. Should you have any queries concerning this letter, please do not hesitate to contact me. Further information about freedom of information requests can be found at www.gov.im/foi.
I will now close your request as of this date.
Yours sincerely