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Isle of Man's Standard Bank fined over money laundering lapses

( January 10, 2022, 10:37 GMT | Official Statement) -- MLex Summary: The Isle of Man’s Standard Bank has been fined just over 247,000 pounds ($338,000) for weaknesses in its anti-money laundering controls. In breach of a court-issued restraint order on a specified client account, the bank had transferred money to another Standard Bank account outside the jurisdiction. The Isle of Man Financial Services Authority investigation found weaknesses in the bank’s operational controls and inadequate AML detection. The authority initially fined Standard Bank just over 353,000 pounds, before applying a discount of 30 percent for its cooperation from an early stage....

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