The Isle of Man Financial Services Authority will issue a questionnaire to all regulated and registered businesses in early November 2026 to update its assessment of risks associated with foreign politically exposed persons (PEPs). The exercise will assess changes firms have made to their compliance systems to improve the identification and management of foreign PEPs since the initial thematic report published in May 2023. Firms will have four weeks to submit the required data. The earlier review, conducted between 2021 and 2023, collected data from 91 firms and inspected 29. Almost all inspected firms needed further work to meet anti-money laundering and countering the financing of terrorism requirements. Weaknesses included inadequate business and customer risk assessments, gaps in identifying PEPs and establishing their source of wealth, and insufficient enhanced monitoring. The updated questionnaire will allow comparison with those findings and assess firms’ subsequent actions. A report scheduled for publication in 2027 will present the questionnaire findings, including examples of best practice and areas for improvement.
Isle of Man Financial Services Authority plans questionnaire to assess firms’ progress on foreign politically exposed person controls
The Isle of Man Financial Services Authority will send all regulated and registered businesses a foreign politically exposed persons questionnaire in early November 2026, with four weeks to provide the required data. It will assess changes to firms’ identification and management controls following the May 2023 thematic report, which found compliance weaknesses at almost all inspected firms. Findings, best practice examples and areas for improvement will be published in 2027.