The Isle of Man Financial Services Authority has published a presentation, with slides and accompanying audio, setting out practical considerations for Island firms on proliferation financing and targeted financial sanctions risks. The material covers sanctions, regulatory responsibilities, risk assessments, and firms’ roles and responsibilities, alongside explanations of key terms, best practice and practical examples. The presentation is intended to help firms meet sanctions-related obligations as the Isle of Man implements all United Nations and United Kingdom sanctions regimes and relevant persons must comply with the sanctions requirements in the AML/CFT Code 2019. It also provides further detail on due diligence, sources of risk, onboarding processes, sanctions screening, training and ongoing monitoring, and highlights that sanctions due diligence extends beyond name screening to ownership and control relationships, potential fronting arrangements, and scrutiny of product end-users and end-uses. Firms are encouraged to take a more fluid approach when assessing proliferation financing and sanctions risks in their business, customer and technology risk assessments.
Isle of Man Financial Services Authority 2026-05-07
Isle of Man Financial Services Authority publishes presentation for Island firms on proliferation financing and targeted financial sanctions risks
The Isle of Man Financial Services Authority has published a presentation with slides and audio outlining practical considerations for firms on proliferation financing and targeted financial sanctions risks, including sanctions frameworks, regulatory responsibilities, risk assessments, and firms’ roles. The material elaborates on sanctions-related obligations under the AML/CFT Code 2019, covering due diligence, sources of risk, onboarding, screening, training and monitoring, and stresses that sanctions due diligence must go beyond name screening to ownership and control, fronting arrangements and scrutiny of product end-users and end-uses.