Regulatory Alerts2021-08-05
Isle of Man Financial Services Authority Sector Specific AML/CFT Guidance Notes for Money Transmission Services
The Isle of Man Financial Services Authority issued this guidance to regulate anti-money laundering and countering the financing of terrorism compliance for businesses providing bureau de change, cheque cashing, and payment agency services. The document outlines specific risk factors, higher risk indicators, and red flags relevant to the sector while mandating robust customer due diligence and risk assessment procedures. It further details operational requirements for transaction monitoring and simplified due diligence measures for occasional transactions to mitigate money laundering vulnerabilities.
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