FCA Blocks Wealth Manager Over Financial Crime Concerns

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Law360, London (March 15, 2021, 11:53 AM GMT) — The financial regulator has ordered investment manager Dolfin to cease operations in the U.K., citing concerns about its financial crime controls and its program for investors seeking a resident’s visa.

The Financial Conduct Authority said it has placed restrictions on the British company, Dolfin Financial Ltd., including prohibiting it from undertaking regulated activity and from reducing the value of its assets or any clients’ money or custody assets it holds without the consent of the regulator.

The FCA said on Friday that it took action against the wealth management firm after it identified “serious concerns” in the way that it operates…