Regulatory Alerts2025-02-25
Isle of Man Financial Services Authority Sector Specific AML/CFT Guidance Notes for Moneylenders and Providers of Financial Guarantees
The Isle of Man Financial Services Authority issued updated guidance for moneylenders, financial leasing providers, and financial guarantee issuers to align with the new definition of lending and current Anti-Money Laundering and Countering the Financing of Terrorism regulations. The document outlines the scope of regulated activities, identifies specific money laundering typologies such as early loan repayments using criminal proceeds, and details higher risk indicators and red flags for customer due diligence. It mandates that businesses conduct comprehensive risk assessments and implement vigilant monitoring procedures to mitigate identified threats within the sector.
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