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Island firm admits regulatory failures

An Island insurance and wealth management company must pay £87,108 after admitting regulatory failures.

Isle of Man Assurance, based in Hope Street in Douglas, was investigated by the Financial Services Authority over allegations about its anti-money laundering and counter-terrorism financing procedures.

Customer risk assessments also hadn't been carried out properly.

The FSA imposed a £124,440 civil penalty but discounted it because the company had cooperated with the investigation.

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