Dear CEO letter to the Banking sector in relation to AML account warnings and blocks

The Isle of Man Financial Services Authority (the “Authority”) has issued a “Dear CEO” letter to Banks in relation to AML account warnings and blocks. The letter was issued following consultation with, and input from, the Isle of Man Financial Intelligence Unit.


The letter provides observed examples of effective control frameworks, good practice and other key considerations to help banks to assess, and to take steps to gain assurance that their financial crime systems and controls in relation to account warnings and blocks are commensurate with the risk profile of their bank. The information contained in this “Dear CEO” letter may also be of relevance to other firms operating in the Isle of Man that are subject to the Island’s AML/CFT framework.


A copy of the letter is here.