Company fined for AML breaches

A fund company based on the Isle of Man has been fined £13,500 after pleading guilty to breaching anti-money laundering rules. 

Apex Fund Services Isle of Man Limited, which is based on Athol Street in Douglas, was told it had "risked the reputation" of financial services on the Island following its actions. 

At Douglas Courthouse yesterday the company admitted three breaches of the Anti-money Laundering and Countering the Financing of Terrorism Code of 2015. 

The court heard the breaches were picked up after a review by the Financial Services Authority in July last year. 

It found the company was "well aware" of its failings but confirmed there was no evidence to suggest money laundering had occurred as a result. 

Apex's advocate told the court the offences were "procedural breaches only" and the company was "seeking to work with regulators" to ensure future compliance. 

She added "it's acknowledged there were problems and they should have been dealt with sooner". 

Sentencing the company Deputy High Bailiff Jayne Hughes described the actions as a "fundamental failure" - she fined Apex £4,500 for each breach and ordered the company to pay £200 in costs.