Webinar highlights key topics relevant to designated businesses

A webinar has been published online to raise awareness of a range of topics that are relevant to designated businesses in the Island.


The guidance is part of the Isle of Man Financial Services Authority’s ongoing programme of industry outreach and engagement.


The intention is to support designated businesses by providing an overview of pertinent information and an explanation of their responsibilities.


Topics covered in the presentation include obligations under the Designated Businesses (Registration and Oversight) Act 2015, delegated authorities and functions, and key considerations of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Code 2019.


Further insight is provided into concessions and simplified measures, along with a summary of the Authority’s updated supervisory approach and new internal structure.


Clarification is also offered in relation to the revised annual returns process for designated business, which now involves the submission of an AML/CFT Statistical Return in the format of an Excel spreadsheet.


Firms are reminded that forms for the period ending 31 December 2022 should be completed and submitted by Friday 30 June 2023 to amlreturns@iomfsa.im


The online webinar is aimed at assisting Island firms and professions that are not part of the regulated financial services sector. Known as designated businesses or DNFBPs, examples include accountants, bookkeepers, crypto companies, estate agents, payroll agents, and tax advisers.


The Authority maintains oversight of designated business activities as part of its focus on protecting consumers, reducing financial crime and maintaining confidence in the financial services sector.


The DNFBP webinar adds to the library of presentations recorded by the AML/CFT Supervision Division in recent weeks, highlighting topics in respect of AML/CFT Statistical ReturnsBeneficial Ownership, and the foreign Politically Exposed Persons (PEP) thematic.