25 results found

The Authority and GSC have been collaborating with Austria-based software development firm Financial Transparency Solutions to implement STRIX AML, ...

The FSA has issued (January 2020) updated guidance for the life assurance sector on the Island.

The Isle of Man Central Registry opened a consultation in November on a proposed Companies Miscellaneous Amendment Bill, which is intended to update the island's Corporate Laws in line with current international anti-money laundering and countering the financing of terrorism (AML/CFT) standards.

On 26 October 2015 the Isle of Man launched initial legislation to regulate Crypto Currency, one of the first jurisdictions in the world to do so.

The Isle of Man is consulting on proposals to introduce a ‘legitimate interest’ access route to beneficial ownership information. The move is intended to enhance transparency and align the Island’s framework with evolving international anti-money laundering standards while maintaining safeguards for privacy and personal safety.

The Royal United Services Institute (RUSI) has recently published (October 2019) commentary entitled, "Gaming the System: Money Laundering through Online Games".

The Isle of Man has published its latest sectoral risk assessment for Trust and Corporate Service Providers (TCSPs), confirming that the sector’s money laundering risk remains rated Medium High. The assessment highlights strengthened regulatory controls, ongoing AML obligations and the importance of risk management across the Island’s international financial services sector.

A review has recently taken place by the Department of Home Affairs of the Island’s current AML and CFT legislation which has resulted in several proposed amendments.

Following the successful introduction of ‘failure to prevent' offences in the areas of bribery and tax evasion, the UK government is priming another possible corporate offence with a call for evidence launched on 13 January 2017, to end on 24 March 2017, on ‘corporate liability for economic crime'.

The Financial Action Task Force (FATF) has published (March 2020) a guidance document on Digital Identity. At a time when many organisations are considering how best to comply with...

This month (May 2020), the Financial Action Task Force (FATF) published a paper entitled "COVID-19 Related Money Laundering and Terrorist Financing – Risks and Policy Responses".

March 2020 saw the Isle of Man FSA publish AML/CFT guidance for the Private Pensions sector. This is the first time the Authority has produced definitive guidance for the pensions industry in terms of what is expected...

The decision clarifies how duties to customers and AML obligations should interrelate.

The Jersey Financial Supervision Commission (the JFSC) has recently (June 2020) published a feedback paper for industry on the results of its examinations of compliance with the financial crime

Central Registry Bill 2018: this will provide for the creation of a Central Registry, combining the registry and public records functions of the General Registry with the Companies Registry functions.

The Act addresses several recommendations made within the MONEYVAL Mutual Evaluation Report of the Isle of Man, as well as addressing other matters identified by various authorities in relation to anti-money laundering and the effective prosecution of financial crime.

This Act repeals the European Communities (Isle of Man) Act 1973 and makes provisions consequent upon the withdrawal of the UK from the EU (Exit Day).