Regulated Entities and DNFPBs – Covid-19 Money Laundering Risk Assessment for the Isle of Man
The Authority notes and is fully supportive of the above Risk Assessment document issued by the Financial Intelligence Unit, which we draw to the attention of all regulated entities and DNFPBs. We are also drawing your attention to the FATF publication on Risks and Policy Responses to Covid-19 Related Money Laundering and Terrorist Financing.
These timely publications identify current patterns of behaviour which criminals are cynically utilising internationally and on the Island to exploit new vulnerabilities exposed by remote working practices, time pressure, vulnerability and residents desire to help others in need.
Regulated Entities and DNFPBs should review the publications carefully to identify any vulnerabilities that their business may be subject to, and take appropriate steps to address those vulnerabilities, including revising processes, updating their business risk assessment accordingly and briefing staff on increased risk patterns. Entities should also be aware of risks posed to customers using their services and take appropriate steps to mitigate and monitor these risks.
Businesses are reminded of their ongoing Anti Money Laundering / countering the financing of terrorism responsibilities, including reporting obligations.