Regulatory Alerts2022-01-01
Isle of Man FSA Letter on AML Account Block Controls
The Isle of Man Financial Services Authority issued this letter to require banks to ensure their financial crime systems and controls regarding account warnings and blocks are appropriate and effective. The regulator highlights risks associated with inconsistent blocking practices, consent regimes, and court orders, emphasizing that inadequate controls may lead to money laundering offences or enforcement action. Banks are instructed to review their policies on tipping off, client exit strategies, and negated suspicions to ensure compliance with the Proceeds of Crime Act 2008 and related guidance.
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