Regulatory Alerts2023-05-05
Foreign PEP Thematic Report
The Isle of Man Financial Services Authority issued this report detailing the findings of a 2021-2023 thematic exercise assessing anti-money laundering controls for foreign Politically Exposed Persons across 91 firms. Inspections of 29 entities revealed significant contraventions in business risk assessments, customer due diligence, and ongoing monitoring, although some firms demonstrated robust compliance practices. The Authority is pursuing remediation plans and enforcement actions for material failures to ensure firms maintain effective safeguards against financial crime.
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