Consultation on the AML/CFT Framework

The Isle of Man Financial Services Authority, in conjunction with the Department of Home Affairs and the Isle of Man Treasury has today issued Consultation Paper (CP19-01/T19) on proposed changes to the Island’s AML/CFT framework. The updated framework needs to be in force by July 2019 in order to coincide with the Island’s next follow up report to MONEYVAL and its consideration at their plenary scheduled for July 2019.

The documents included in this consultation are:

  • the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (Department of Home Affairs legislation);
  • section 157 of the Proceeds of Crime Act 2008 and section 68 of Terrorism and Other Crime (Financial Restrictions) Act 2014 (Department of Home Affairs legislation);
  • the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 (Isle of Man Treasury legislation);
  • Schedule 4 to the Proceeds of Crime Act 2008 (Department of Home Affairs legislation); and
  • Schedule 1 to the Designated Businesses (Registration and Oversight) Act 2015 (Isle of Man Treasury legislation)

The consultation is relevant to:

  • All persons that are licensed, authorised or registered under the Financial Services Act 2008, Insurance Act 2008, Retirement Benefits Schemes Act 2000, Designated Businesses (Registration and Oversight) Act 2015 or that have responsibility for collective investment schemes under the Collective Investment Schemes Act 2008. It is also relevant to advisers to those persons, or potential applicants for permissions under these Acts or their advisers.
  • The consultation is also relevant to a society registered as a credit union within the meaning of the Credit Unions Act 1993, a building society within the meaning of section 7 of the Industrial and Building Societies Act 1892, and, the Post Office in respect of certain activities.
  • Schedule 4 to POCA includes a proposed new definition of “payroll agent” which may bring new businesses into the regulated sector. If you believe your business will be affected by this proposed change please contact the Authority.
  • Additionally, the sections of the consultation regarding Schedule 4 to POCA are also relevant to all persons supervised in relation to AML/CFT by the Isle of Man Gambling Supervision Commission.

Responses to the consultation are requested by 27th March 2019. Please refer to the consultation webpage for further information.

The Authority will be offering appointments on 7th March 2019 for persons who wish to discuss certain matters or have specific areas of concern. Should you wish to book a 30 minute slot please email [email protected] (slots are limited to 30 minutes in order for the Authority to be able to meet with a number of parties). Should there be sufficient interest the Authority will be offering appointments on an additional date.