Authority publishes updated version of AML/CFT Handbook

The Isle of Man Financial Services Authority has updated its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Handbook (“the Handbook”).

Amendments reflect the findings of recent thematic reviews, with a focus on key areas such as Business Risk Assessments (BRA) and Source of Wealth requirements for Politically Exposed Persons (PEPs)

The opportunity has also been taken to carry out some general housekeeping to correct minor typographical errors and refresh links from when the Handbook was first issued in July 2021.

The updated Handbook has today, Wednesday 13 December 2023, been published on the Authority’s website. It includes a table of changes to highlight the sections that have been amended. A second version of the document showing tracked changes is also available.

The Handbook, together with the Supplemental Information Document and sector specific AML/CFT guidance, is an important part of the Authority’s programme of outreach and engagement to help Island firms meet their AML/CFT obligations.

Regulated entities and designated businesses are encouraged to read the information and take the appropriate actions to mitigate their AML/CFT risks.

Ashley Whyte, Senior Manager, AML/CFT Supervision, said: ‘The Authority conducted a review of the Handbook against key findings from the Foreign PEP and BRA thematics. As a result, enhancements have been made to emphasise that BRAs must be evidenced at all times and a version history maintained in order to demonstrate compliance with the AML/CFT Code. A minor amendment has also been made in relation to Source of Wealth requirements of certain parties.’

She added: ‘Clarification has been provided in the updated Handbook to raise further awareness and understanding around “introduced business”. This will also be the subject of a webinar to be broadcast early in 2024.’

For further information about the AML/CFT Handbook contact aml@iomfsa.im