Regulatory Alerts2022-01-01
Authorised Insurers (Non-Life), Registered Insurance Managers, and Registered Insurance Intermediaries (General Business) Sector Specific AML/CFT Guidance Notes
The Isle of Man Financial Services Authority issued this March 2022 guidance to direct non-life insurers, insurance managers, and intermediaries on complying with anti-money laundering and counter-terrorist financing regulations. The document clarifies customer identification responsibilities across various business structures and details exemptions for low-value policies under Paragraph 20 of the Code. It further mandates comprehensive business, customer, and technology risk assessments while addressing specific sector risks such as cyber insurance and beneficial ownership.
Share