Regulatory Alerts2024-12-11
Isle of Man Financial Services Authority Virtual Asset Service Provider Activity Sector Specific AML/CFT Guidance Notes
The Isle of Man Financial Services Authority issued updated guidance for Virtual Asset Service Providers to align with evolving international standards and the October 2024 Travel Rule Code. The document mandates rigorous Anti-Money Laundering and Countering the Financing of Terrorism measures, including specific risk assessments, enhanced due diligence, and compliance with the Travel Rule for virtual asset transfers. It further details sector-specific risks, red flags, and regulatory obligations under the Proceeds of Crime Act 2008 and the Designated Businesses Act 2015.
Share