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Douglas company breach money laundering regulations

A tax consultancy company based in Douglas has been fined more than £28,000 by a financial regulator.

Y&A Group, based on Drinkwater Street, admitted breaching money laundering regulations after an investigation by the Financial Services Authority.

The FSA found seven failures, including insufficient checks on customers and the source of their money.

It imposed a civil penalty of £40,901 which was reduced to £28,631 because the company cooperated with the authority.
 

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