Isle of Man Financial Services Authority reminds firms to obtain licences or designated business registration before offering services

The Isle of Man Financial Services Authority published an awareness notice urging anyone planning to start or conduct business in the Island that may involve financial services activity, including designated business activity, to ensure the relevant licensing, authorisation or registration is in place before trading or marketing services. Financial services activity requires a relevant licence under the Financial Services Act 2008, while insurance activity requires authorisation or registration under the Insurance Act 2008. Businesses classed as a designated business must be registered under the Designated Businesses (Registration and Oversight) Act 2015, including Designated Non-Financial Businesses and Professions such as accountants, bookkeepers, estate agents, payroll agents, moneylenders, tax advisers and virtual asset service providers, and businesses involving cash transactions equivalent to EUR 15,000 or more. The Authority registers and oversees these businesses for compliance with anti-money laundering and countering the financing of terrorism requirements and warned that providing or advertising certain services without DNFBP registration could result in a penalty of up to GBP 5,000 or prosecution; it encouraged early engagement where scope is unclear and noted that guidance and application support are available.