Regulatory Alerts2025-02-25
Isle of Man Financial Services Authority Sector Specific AML/CFT Guidance Notes for Accountants and Tax Advisors
The Isle of Man Financial Services Authority issued this February 2025 guidance to regulate Anti-Money Laundering and Countering the Financing of Terrorism compliance for external accountants and tax advisers. The document mandates risk-based assessments, outlines specific higher-risk indicators and red flags, and requires rigorous customer due diligence including the verification of source of funds. It also clarifies the regulatory scope to include bookkeeping services and details applicable concessions such as simplified due diligence for generic designated businesses.
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