Nedbank Private Wealth Limited (NPW), a wealth management firm based in Hill Street, is facing a civil penalty of £535,185 from the Isle of Man Financial Services Authority (FSA) for breaching anti-money laundering (AML) regulations. The penalty stems from a statistical return submitted by NPW in 2018, indicating a high proportion of Foreign Politically Exposed Persons (PEPs). An inspection in May 2022 revealed several AML breaches in NPW’s foreign PEP client-base.
The inspection found deficiencies in documenting customer risk assessments for foreign PEPs, inadequate evidence of recorded customer due diligence and enhanced due diligence in some cases, incomplete documentation of the source of funds or wealth, and ineffective ongoing monitoring processes for foreign PEPs. The FSA highlighted that business relationships involving foreign PEPs pose a higher risk of money laundering and financing of terrorism due to their susceptibility to bribery and corruption.
The FSA emphasized the importance of effective controls and procedures, stating that the absence or ineffectiveness of these measures could hinder a firm’s ability to identify unusual or suspicious activity and comply with AML/CTF regulations. Nedbank has cooperated fully with the FSA and agreed to settle at an early stage.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}