Webinar planned for designated businesses

The Isle of Man Financial Services Authority is continuing its programme of outreach and engagement to raise awareness of key issues facing designated businesses.

The intention is to support designated businesses by providing an overview of relevant information and an explanation of their responsibilities, particularly in relation to anti-money laundering (AML) and countering the financing of terrorism (CFT).

A recorded webinar will highlight a range of topics including AML/CFT obligations and guidance, annual returns, changes to fees, and the need to be registered in order to operate.

The presentation, to be published online later this month, is aimed at Island businesses 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.

Firms are encouraged to highlight any matters they would like the Authority to cover in the webinar, as feedback will help to shape the content. Comments and questions should be emailed to dnfbp@iomfsa.im  by close of business on Monday 12 June 2023.

Once the recording has been published on the Authority’s website, the link will be posted online and on social media.

The AML/CFT Supervision Division has added to its library of webinars in recent weeks, providing updates in respect of AML/CFT Statistical Returns, Beneficial Ownership, and the foreign Politically Exposed Persons (PEP) thematic.