The Isle of Man Financial Services Authority has issued letters to Isle of Man entities it understands may be operating in potential non-compliance with the Beneficial Ownership Act, reminding them of their obligations and urging urgent remedial action. The outreach follows an Authority exercise to identify entities with possible gaps against the Act’s requirements. The letters, dated 28 February 2025, warn that failure to address highlighted issues could result in further action, including the imposition of civil penalties. Nominated officers who require a new Online Services access code to submit beneficial ownership information to the Database are directed to obtain this through the Companies Registry, and recipients can contact the Authority to discuss the letter’s contents.
Isle of Man Financial Services Authority 2025-02-28
Isle of Man Financial Services Authority issues reminder letters over potential beneficial ownership non-compliance
The Isle of Man Financial Services Authority has issued letters to entities potentially non-compliant with the Beneficial Ownership Act, urging immediate remedial action. The letters warn of possible civil penalties for unresolved issues. Nominated officers needing a new Online Services access code are advised to obtain it via the Companies Registry.