Oversight Obligations

Notification of changes 

Once registered, under article 5 of the Designated Businesses (Civil Penalties) Order 2015,  a designated business must advise the Authority of any changes in its circumstances within 14 days of the change occurring.  The Authority must be notified if the change is to any information submitted at registration, such as but not limited to:

  • Business name / legal name
  • Ownership
  • Appointment of directors, MLRO, DMLRO, or Compliance Officer
  • Number of employees
  • Business activities
  • Business address
  • Primary contact(s)
  • Email addresses for primary contact(s)
  • Telephone number
  • Fitness and propriety declarations.

To notify the Authority of any change, login into the online portal on the Authority’s website and create the relevant form. The system will then notify the Authority who will approve the changes or revert with any queries. Full guidance can be found in the user guide.

 

Commencement of Designated Business activity:

Further, in line with section 5 of the Authority’s Designated Businesses Registration Policy (“the Registration Policy") , the Authority expects a registered person to commence Designated Business within 6 months of the date on which it is registered, unless agreed otherwise in writing.  If it does not, it is expected that the DNFBP will inform the Authority without delay, outlining its next steps i.e. a plan to commence Designated Business or de-register.

 

Code Contravention Notifications to the Authority

The Authority has published a form that must be used when sending notifications and contraventions of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (the ‘Code’) to the Authority.  This can be found here.

Please note this form cannot be sent using the portal and instead must be sent to dnfbp@iomfsa.im.

 

Inspections

All registered persons will be subject to a periodic inspections from the Authority or a body to whom the Authority has delegated its powers to test compliance with AML / CFT Legislation. It involves testing that the business has adequate procedures in place to prevent and forestall money laundering and terrorist financing and these procedures are being implemented effectively.

The Authority (or professional body) may provide feedback on any weak areas or any areas where a business may not be in compliance with the legislation. Where appropriate, the Authority may issue a civil penalty for non-compliance with the AML/CFT legislation in line with the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 .

Please see the “Supervisory Methodology” page for further information.

 

Delegated Oversight

The Authority has delegated its oversight powers to the following professional bodies: 

  • Institute of Chartered Accountants of England and Wales
  • Association of Chartered Certified Accountants
  • Isle of Man Law Society
  • Institute of Certified Bookkeepers
  • Institute of Financial Accountants 

Should a business wish to be overseen by its professional body, it should elect to do so at registration.

The professional bodies will be responsible for the oversight process and will feed back to the Authority. Registration and enforcement powers in accordance with the Act are retained by the Authority.