FCA Blocks Wealth Manager Over Financial Crime Worries

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

The Financial Conduct Authority said Friday it has placed a number of restrictions on U.K. firm Dolfin Financial Ltd., including prohibiting it from undertaking regulated activity and from reducing the value of its assets or any of the client money or custody assets it holds without the consent of the regulator.

The FCA said it decided to take action against the wealth management firm after it identified “serious concerns” around the way that Dolfin…