Discretionary civil penalty under the Financial Services (Civil Penalties) Regulations 2015 (restrained account payments; cheque issued without FIU consent)
The IOMFSA imposed a civil penalty of GBP 293,930 (after a 30% discount from GBP 419,900) on HSBC Bank plc, Isle of Man Branch, for breaches of Rule 6.1 and Rule 8.3(2) of the Financial Services Rule Book 2016 and paragraph 4(1)(a)(iii) of the AML/CFT Code 2019: the branch failed to reapply preventative controls after permitted payments, allowing three recurring payments to leave a restrained account, and separately issued a cheque without the required Financial Intelligence Unit consent. Isle of Man matter of the legal entity whose Guernsey branch holds the local licence.
HSBC be required to pay a discretionary civil penalty imposed under section 16 of the Act
Not captured from the document.