Regulatory Alerts2021-01-01
Isle of Man Financial Services Authority Sector Specific AML/CFT Guidance Notes for Payroll Agents
The Isle of Man Financial Services Authority issued this guidance to regulate payroll agents under the Proceeds of Crime Act 2008 and the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. The document mandates rigorous customer due diligence, ongoing monitoring, and risk assessments to mitigate vulnerabilities to money laundering, tax evasion, and modern slavery. It provides specific red flags and case studies to help agents identify suspicious activities such as ghost employees and complex payment chains.
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