Regulatory Alerts2021-08-06
High Value Goods Dealers Sector Specific AML/CFT Guidance Notes
The Isle of Man Financial Services Authority issued this guidance to regulate high value goods dealers subject to the Proceeds of Crime Act 2008 and the Anti-Money Laundering Code 2019. Businesses accepting cash payments of €15,000 or more must register with the Authority and implement robust customer due diligence and risk assessment procedures. The document outlines specific money laundering red flags, inherent sector risks, and case studies to help dealers identify suspicious transactions and maintain compliance.
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