The Isle of Man Financial Services Authority has published an online presentation explaining how firms may use simplified due diligence under the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. The measures allow firms to apply controls and resources proportionate to identified risks, reducing requirements for lower-risk business and supporting smoother customer onboarding and financial inclusion. Firms must reflect the National Risk Assessment findings in their Business Risk Assessments when determining appropriate procedures and controls. The presentation provides practical examples, outlines the conditions attached to each simplified measure and emphasizes that firms must document and justify their use of simplified due diligence.
Isle of Man Financial Services Authority2026-08-05
Isle of Man Financial Services Authority explains appropriate use of simplified due diligence measures
The Isle of Man Financial Services Authority has published guidance on using simplified due diligence for lower-risk business under the AML/CFT Code 2019. Firms must reflect the National Risk Assessment in their own risk assessments and document and justify their use of each simplified measure.