The Isle of Man Financial Services Authority has published an updated Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Handbook, with minor amendments and additional clarity following recent legislative changes. Clean and tracked-changes versions are available. The revised Handbook colour-codes guidance to distinguish references to regulations and legislation, clarifies Customer Risk Assessment guidance, and adds information on Commercially Exposed Persons (CEPs). It also updates ongoing monitoring expectations for Source of Funds and Source of Wealth, separates terminology for money laundering, terrorist financing and proliferation financing, and corrects minor typographical errors and hyperlinks. Revised sector-specific guidance has also been issued for accountancy and tax advisors, moneylenders, and safe custody and administering or managing money on behalf of another person, aligned to the Island’s AML/CFT framework legislative updates made in October 2024. A full review of all sector-specific guidance is planned following publication of the Island’s National Risk Assessment later this year.
Isle of Man Financial Services Authority 2025-02-26
Isle of Man Financial Services Authority updates AML/CFT Handbook and revises sector guidance to reflect October 2024 legislative changes
The Isle of Man Financial Services Authority has updated its Anti-Money Laundering and Countering the Financing of Terrorism Handbook, incorporating minor amendments and enhanced clarity post-legislative changes. Key updates include colour-coded guidance, clarified Customer Risk Assessment, and revised sector-specific guidance for accountancy, tax advisors, and moneylenders. A comprehensive review of sector-specific guidance is anticipated after the Island's National Risk Assessment publication.