The Isle of Man Financial Services Authority has published a consultation on proposals to introduce a legitimate interest route for access to beneficial ownership information. The proposed framework is intended to support the prevention, detection or investigation of money laundering, terrorist financing and proliferation financing through an application-based access process rather than general disclosure. Under the proposals, the Central Registry would assess applications case by case. The consultation seeks views on the interest test, including legitimate purpose and necessity, the evidential requirements for applicants, the scope of information that could be disclosed where access is approved, and safeguards such as exemptions from disclosure in specified circumstances and restrictions on use. Disclosure would be limited to information considered necessary and proportionate. The proposals follow a joint commitment by the Isle of Man, Jersey and Guernsey to enhance access to beneficial ownership information while protecting privacy and personal safety. This is described as an initial consultation to gather industry and stakeholder views, with responses intended to inform next steps. The consultation is open until 30 June 2026.
Isle of Man Financial Services Authority 2026-05-05
Isle of Man Financial Services Authority launches consultation on a legitimate interest route for access to beneficial ownership information
The Isle of Man Financial Services Authority has published an initial consultation on introducing a legitimate interest route for access to beneficial ownership information via an application-based process. The proposals would require the Central Registry to assess applications case by case, with tests on legitimate purpose and necessity, evidential requirements, limits on disclosed information, and safeguards including exemptions and restrictions on use. The initiative follows a joint commitment by the Isle of Man, Jersey and Guernsey to enhance access to beneficial ownership information while protecting privacy and personal safety.