Webinar highlights changes to data gathering process

The Isle of Man Financial Services Authority has published an online presentation to highlight the changes to a key element of its information gathering process.

Data captured through Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Statistical Returns is critical in terms of informing the Authority’s picture of risk across the Island’s finance industry.

A revised approach has been implemented this year to achieve consistency in the reporting requirements for all regulated entities and designated businesses.

The amended reporting template is the focus of a webinar that supports the Authority’s ongoing engagement with industry on matters relating to AML/CFT and beneficial ownership.

The recorded presentation, which is available to view on the Webinars section of the website, features an on-screen demonstration and commentary to help firms complete the Excel spreadsheet for the reporting period ended 31 December 2022.

There is also a section dedicated to explaining what the changes mean for designated businesses, including smaller owner-operated businesses.

Questions already posed to the Authority are addressed in the presentation, while there is an opportunity to submit any follow-up enquiries by emailing amlreturns@iomfsa.im

In addition to the webinar, the amended reporting template and associated guidance are available under the ‘Statistical Returns’ tab on the AML/CFT Requirements and Guidance section of the Authority’s website.

Ian Spence, Head of the AML/CFT Division, said: ‘The gathering and analysis of annual AML/CFT statistical data supports the Authority’s risk-based approach to supervision. It also underpins our understanding of the wider financial crime environment and forms a key part of the Island’s National Risk Assessment.’

He added: ‘Changes have been introduced to simplify and streamline the AML/CFT annual return process and to bring the reporting requirements for designated businesses in line with those for our regulated entities. I would encourage people to watch the webinar, which provides helpful advice and a visual guide to navigating the form and submitting the required data.’

The Authority will be hosting additional live-streamed and recorded webinars in the near-future to provide an update in respect of beneficial ownership, and to highlight the findings of the recent Politically Exposed Persons (PEP) project.

Further details will be published on the Authority’s website and social media channels.