Regulatory Alerts2021-01-01
Advocates and Registered Legal Practitioners 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 compliance for advocates and registered legal practitioners. The document mandates specific risk assessments and outlines general higher risk indicators and red flags that require enhanced due diligence or internal disclosure. It further details sector-specific vulnerabilities, including property purchases, conveyancing services, and the management of client accounts, while addressing legal privilege and relevant income.
Share