The Isle of Man Financial Services Authority has published a guide aimed at improving supervised entities’ awareness and understanding of Commercially Exposed Persons (CEPs) and the potential money laundering, terrorist financing and proliferation financing risks associated with them. The guide explains that a CEP is an individual linked to an industry or activity that typically has higher exposure to bribery and corruption, which can increase the risk posed to firms where such individuals are connected to a customer. It includes examples of higher-risk industries, background on CEPs, and a data breakdown intended to inform topical and sector risk assessments as well as the Island’s National Risk Assessment. A visual tool is also provided to help firms assess whether a customer account or entity is associated with a Politically Exposed Person (PEP) or a CEP, and firms are reminded to consider the nature and activity of customers and connected persons within their customer risk assessments under the AML/CFT Code 2019.
Isle of Man Financial Services Authority 2025-06-11
Isle of Man Financial Services Authority publishes guidance on Commercially Exposed Persons for AML/CFT customer risk assessments
The Isle of Man Financial Services Authority has issued a guide to enhance awareness of Commercially Exposed Persons (CEPs) and associated financial crime risks. The guide details CEP characteristics, high-risk industries, and includes a visual tool for assessing connections to CEPs or Politically Exposed Persons (PEPs). Firms are advised to integrate these considerations into their customer risk assessments under the AML/CFT Code 2019.