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 contact information, as well as the appointment and resignation of any specified person.

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.

 

Annual Returns and fees

Each year, a registered designated business is required to submit an annual return as required by the Act. The return is made available on the online portal from the 1 October of each year and must be submitted by 1 November of that year. If the annual return is not submitted by 1 November the Authority will issue a civil penalty to the business in line with the Designated Businesses (Civil Penalties) Order 2015.

The annual return data is used by the Authority in line with its regulatory and oversight functions. The data will be used by the Authority in taking a risk-based approach in planning future inspections and oversight. The information provided will also assist the Authority in contributing accurate data when reviewing the Island’s National Risk Assessment.

At the time of the annual return the annual fee is also due. Please see the “fees” page for further details.

The annual return is completed on the online portal, instructions on how to complete the annual return can be found in the user guide.

 

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 Approach” 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.