Businesses wishing to complete registration are advised to use this guidance note and follow the registration form instructions through the menu on the right.
Background to the Designated Businesses (Registration & Oversight) Act 2015
Following comments from the IMF report in 2009, the Council of Ministers considered proposals put forward by the then Chief Secretary’s Office (now the Cabinet Office) to place responsibility on the Isle of Man Financial Services Authority (“the Authority") for the oversight of the adherence of certain businesses and professions (“Designated Businesses”) to the Island’s anti-money laundering and countering the financing of terrorism legislation (“AML/CFT legislation”).
Designated Businesses are also commonly referred to as Designated Non-Financial Businesses and Professions or “DNFBPs”.
The Designated Businesses (Registration and Oversight) Act 2015 (as amended June 2019) (“the Act”) was passed in order to address these comments and came into force on 26 October 2015.
The Act does not make persons affected by its provisions licenceholders of the Authority. The Authority’s role in licensing and supervising Financial Institutions is distinct and entirely separate from its role under this Act.
Designated businesses are registered and overseen by the Authority for AML/CFT compliance only –they retain their current status with the various bodies (if any) responsible for their wider business, competence or other matters, such as the Isle of Man Law Society, the ICAEW, ACCA, CIMA, the Office of Fair Trading etc.
The Designated Businesses (Disclosure of Information) Order 2017 made under the Designated Businesses (Registration and Oversight) Act 2015 came into operation on 1 November 2017.