Regulatory Alerts2021-01-01
Isle of Man FSA Sector Specific AML/CFT Guidance Notes for Money Transmission Services
The Isle of Man Financial Services Authority issued this guidance to address anti-money laundering and countering the financing of terrorism risks for businesses providing payment services as principal and issuing e-money. The document outlines specific higher risk indicators, red flags, and sector vulnerabilities such as structuring and anonymity inherent in electronic money products. It mandates rigorous customer due diligence, source of funds verification, and ongoing monitoring of linked transactions to ensure compliance with the AML/CFT Code 2019.
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