Regulatory Alerts2023-07-20
Sector Specific AML/CFT Guidance Notes for Collective Investment Schemes and Functionaries
The Isle of Man Financial Services Authority issued this July 2023 guidance to clarify Anti-Money Laundering and Countering the Financing of Terrorism obligations for Collective Investment Schemes and their service providers. The document mandates that both funds and functionaries comply with the Proceeds of Crime Act 2008 Code, explicitly defining their respective responsibilities, the necessity of written agreements, and the appointment of Money Laundering Reporting Officers. It further provides detailed risk assessment frameworks and customer due diligence requirements for various investor structures, including direct investors and intermediaries acting on behalf of third parties.
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