Regulatory Alerts2025-01-01
Safe Custody and Administering or Managing Money on Behalf of Another Person Sector Specific AML/CFT Guidance
The Isle of Man Financial Services Authority issued this sector-specific guidance to outline Anti-Money Laundering and Countering the Financing of Terrorism requirements for businesses providing safe custody or administering money on behalf of others. The document mandates that such activities conducted by way of business must be registered under the Designated Businesses (Registration and Oversight) Act 2015 and adhere to the AML/CFT Code 2019. It details risk assessment obligations, identifies high-risk indicators and red flags for customer due diligence, and clarifies the scope of regulated services including escrow, power of attorney, and treasurer functions.
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