An Island company has been hit with a civil penalty of almost £2 million by the financial regulator over due diligence and risk assessments.
RL360 was inspected by the Financial Services Authority, which says it found problems in measures to tackle money-laundering and monitoring high-risk customers.
The FSA imposed a penalty of £2,785,714, discounted to £1,950,000 after the company cooperated with the investigation.
The regulator also issued four learning points for the industry.
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