Regulatory Alerts2021-11-03
Private Pensions Sector Specific AML/CFT Guidance Notes
The Isle of Man Financial Services Authority issued this guidance to regulate anti-money laundering and countering the financing of terrorism obligations for private pension scheme trustees and administrators. The document mandates comprehensive business and customer risk assessments while detailing specific higher-risk indicators and red flags associated with domestic and international pension products. It further establishes strict requirements for customer due diligence, ongoing monitoring, and the verification of payment recipients to mitigate money laundering and terrorist financing vulnerabilities.
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