Once registered, a designated business must advise the Authority of any changes in its circumstances, within 14 days of the change. The changes that should be notified include any changes to the information submitted at registration such as contact details or details of those charged with the governance of the business. This change will be notified by the business logging into the online portal on the Authority’s website and updating the forms used at application stage. The system will then notify the Authority who will approve the changes or revert with any queries.
Each year, a registered designated business will be required to submit an annual compliance declaration. This will be made available on the online portal from the 1 October of each year (starting in 2016) and must be submitted by 1 November of that year. The declaration is a brief form in which the registered designated business confirms, among other things, that any changes have been notified to the Authority, and any instances where the designated business has failed to comply with the AML/CFT legislation have also been notified to the Authority.
All registered persons will be subject to a periodic visit from the Authority or a body to whom the Authority has delegated its powers to test compliance with AML / CFT Legislation.
At present 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
- International Association of Bookkeepers
Should a business wish to be overseen by its professional body, it should elect to do so at registration. Once registration is complete and the oversight body chosen, the choice of oversight body will be fixed for a period of 3 years.
The professional bodies will be responsible for the oversight process and will feed back to the Authority. Registration and enforcement powers will be retained by the Authority.
All registered businesses will receive a visit and the purpose of an onsite visit is to test a designated business' compliance with the AML/CFT legislation. The principle is to test that the business has adequate procedures in place to prevent and forestall money laundering and terrorist financing and that these procedures are being implemented effectively.
The Authority (or professional body) will provide feedback on any weak areas or any areas where a business may not be in compliance with the legislation. It is anticipated that the length of visits will range from half a day to up to 2 days depending on the size and nature of the designated business.