Regulatory Alerts2022-01-01
Isle of Man Financial Services Authority Sector Specific AML/CFT Guidance Notes for Trust and Corporate Service Providers
The Isle of Man Financial Services Authority issued this March 2022 guidance to regulate anti-money laundering and countering the financing of terrorism compliance for Trust and Corporate Service Providers. The document mandates comprehensive risk assessments and detailed customer due diligence while identifying specific higher-risk indicators and red flags inherent to the sector. It further outlines sector-specific vulnerabilities, including the misuse of pooled client accounts, conflicts of interest, and complex corporate structures designed to obscure beneficial ownership.
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