Regulatory Alerts2023-01-01
Anti-Money Laundering and Countering the Financing of Terrorism Handbook
The Isle of Man Financial Services Authority issued this December 2023 update to the AML/CFT Handbook to clarify obligations for licensed relevant persons under the Financial Services Act 2008 and the Code 2019. The revision emphasizes that Business Risk Assessments must be living, documented records that consider the Island's latest National Risk Assessment, while Customer Risk Assessments are required for all clients starting from a higher-risk position. Additional changes include reminders regarding reporting obligations under Rule 8.17, clarifications on introduced business and sanctions checks, and updates to guidance on Public Private Partnerships and record-keeping concessions.
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