The Isle of Man Financial Services Authority has published the Phase 1 findings of a thematic review on Business Risk Assessments (BRAs) required under paragraph 5 of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. The cross-sector project assesses how relevant persons identify exposure to money laundering, terrorist financing and proliferation financing risks, and how they analyse, mitigate and document those risks in line with the Code’s preventative measures. Phase 1 gathered information through a questionnaire issued to 30 supervised entities across various sectors. The report sets out the questions and responses received, the Authority’s observations on the data, examples of best practice, and a comparison with results from the 2023 Phase 1 TCSP BRA thematic review. Phase 2, comprising desk-based inspections of selected entities’ BRAs, is in progress, with results expected to be published in 2026. The Authority encourages supervised entities to review the report and ensure their BRAs are robust, up to date, and consider the prescribed risk factors in paragraph 5(3) of the Code.
Isle of Man Financial Services Authority 2025-12-08
Isle of Man Financial Services Authority publishes Phase 1 findings from cross-sector AML/CFT business risk assessment thematic review
The Isle of Man Financial Services Authority released Phase 1 findings from a thematic review on Business Risk Assessments (BRAs) under the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. The review evaluates how entities identify and manage risks related to money laundering, terrorist financing, and proliferation financing. Phase 2, involving desk-based inspections, is underway with results anticipated in 2026.