The Financial Services Authority of the Isle of Man has issued a public statement about the effect of a failure of two factor authentication for businesses required to submit annual returns for counter-money laundering, etc. purposes.

"A technical issue affecting the submission of the AML/CFT Annual Return and the timely delivery of 2-Factor Authentication (2FA) codes.

Some users are unable to log in within the timeframes required for secure 2FA access.

The Authority has decided to extend the deadline for the submission of the AML/CFT Annual Return by one week. The new deadline for submissions is now Monday 7 April, 2025.

"We will provide updates as soon as the issue is resolved, and normal email services are restored."

The FSA says that it was an "unforseen issue." No shit, Sherlock.
A spokesman says it's due to an "unforeseen issue".

No shit Sherlock.

It was also ""beyond our control." Just try that excuse when your company doesn't comply with something.

The Isle of Man flag contains an image of three legs. All the better for kicking themselves with.

Perhaps now, other regulators - and security officers in banks, fintechs, etc. will recognise the stupidity of insisting on a form of security that when it fails creates significant problems.