Regulatory Alerts2021-01-01
Isle of Man Financial Services Authority Long Term Insurers Sector Specific AML/CFT Guidance Notes
The Isle of Man Financial Services Authority issued this November 2021 guidance to direct long-term insurers on complying with the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. The document mandates rigorous risk assessments, detailed Customer Due Diligence procedures, and specific protocols for managing intermediaries and introduced business. It further outlines enhanced monitoring requirements for higher-risk relationships and defines red flags to identify suspicious money laundering or terrorist financing activities.
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