Isle of Man Financial Services Authority progresses revised National Risk Assessment and lines up further sector risk publications

The Isle of Man Financial Services Authority, working with partner agencies, reported continued progress on the revised Isle of Man National Risk Assessment, aimed at providing a detailed view of the Island’s financial crime threats to support risk mitigation and resource allocation by government and industry. Elements already published include the Isle of Man Risk Profile Document, a National Risk Appetite Statement on eGaming and Financial Crime, and risk assessments covering terrorist financing, banking and insurance. Following completion of the approval process, additional sector and topic-based assessments are expected on legal persons and arrangements, proliferation financing, gambling, trust and corporate service providers, and virtual assets and virtual asset service providers, alongside an overarching money laundering risk assessment spanning all financial and designated business sectors. The work is expected to conclude with a broader National Risk Appetite Statement. A series of workshops has already been held to raise awareness and explain how businesses can contribute, with further outreach planned to support demonstration of the effectiveness of the Island’s anti-money laundering, counter-terrorist financing and counter-proliferation financing frameworks.