The Financial Services Authority says of 20 money-lending firms it inspected, it found 85 contraventions of the Anti-Money Laundering and Countering the Financing of Terrorism Code.
The regulator has released the findings of a thematic review of the Island's money-lending industry - which consists of 37 businesses and almost 5,400 customers.
In its report, the FSA says it found a 94 per cent compliance rate for procedures and controls, with 78 per cent following the code's new business relationship rules and 81 per cent carrying out enhanced customer due diligence.
It says complying with the code is mandatory, and it provides a range of resources to help meet its requirements.
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