What is STRIX
STRIX AML is software which enables the Authority to receive, risk assess and analyse data from regulated and registered entities.
How will I use it?
As a Regulated entity, or one which is registered for AML/CFT purposes, you will receive emails from the Authority advising you that a request for information is available for you to complete. This might be one of the following:
- Annual AML/CFT Return
- Thematic Review Data Requests
- Risk Assessment Data Requests
The emails will direct you to login to the fsareturns.im website, complete a two factor authentication process and then view the surveys and requests that are available for you to complete. More information on the registering and login process is available here
Why is it important?
The traditional method of collecting information via spreadsheets is problematic for a number of reasons:
- The spreadsheets have become large, complex and cumbersome to complete
- Relying on specific formats or vendors for calculations and sheet protections is difficult for all licence holders
- Analysing the large amount of data is labour intensive
- Storage and retention becomes complex
STRIX assists in the authority in analysing the submitted data in an efficient manner. This data is used to build entity, sectoral and national risk assessments, which ultimately drives the engagement model of the AML/CFT Division. STRIX will also enhance the work of the Authority in order to ensure the Isle of Man continues to meet international standards.
Do I have to complete the requests?
Entities are reminded of their obligations under the relevant legislation for the completion of requests from the authority – they are available here
Is it secure?
As part of the procurement of STRIX, the Authority has had the system tested by an independent third party. The system also utilises SSL encryption and an industry standard method of Two-Factor Authentication. It is still the end user’s responsibilities to keep access to emails and their passwords secure.
How do I register more users?
STRIX supports multiple users on multiple entities, by default the only user setup is the person marked as a ‘Primary Contact’ on the FSA internal database. If you’d like a further person to be added, then the following must be completed –
For Regulated firms you must complete the F&P2 Notification Only Form available here and tick the R17b box this form should then be returned to the relevant supervisory division.
The users will then be added to the STRIX system once the form is processed. It is important to note the form must be complete in order for the team to process it, including the email address of the new user.