FIAU fines fund €303,710 for ‘disregard’ of anti-money laundering rules
On 31 December 2021, the FIAU found that Southern Cross SICAV plc (‘the Company’), a collective investment scheme offered to professional investors, to be in gross breach of its AML/CFT obligations. The imposition of the administrative penalty was justified on breaches of the Prevention of Money Laundering and Funding of Terrorism Regulations (‘PMLFTR’) and related FIAU Implementing Procedures (‘IPs’) as follows:-
