Webinar highlights information relating to ‘introduced business’

The first in a series of events organised jointly by the Alliance for Isle of Man Compliance Professionals (AICP) and the Isle of Man Financial Services Authority focused on a key aspect of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Code 2019.


The session covered a range of issues relating to ‘introduced business’, including the requirements stemming from the Island’s MONEYVAL evaluation in 2016.


Presentations by Head of AML/CFT Supervision Ashley Whyte, and AML/CFT Senior Manager Lucy Hendy provided additional background and highlighted important definitions and terminology, as well as raising awareness of best practice.


A number of scenarios provided by AICP members were used to explore practical examples of how the requirements of the AML/CFT Code are applied in relation to introduced business. Further discussion took place regarding retrospective reviews of existing customers.


Content included in the session has been recorded by the Authority and published on the Webinars section of our website in order to share the information with all stakeholders.


The AICP committee and members are continuing to work collaboratively with the Authority in order to strengthen mutual understanding and provide relevant guidance and training.


A further workshop being planned will take a broader look at the Island’s compliance framework and the role of the compliance officer.


Lucy Hendy, AML/CFT Senior Manager, said: ‘We are grateful to the AICP for working in partnership with the Authority to deliver this session on such an important topic. We are keen to enhance industry’s understanding of this complex area through outreach and education, and would welcome any further enquiries submitted by firms via email to aml@iomfsa.im


She added: ‘As the Isle of Man gears up for its next mutual evaluation, the Authority will continue to deliver capacity-building sessions to promote AML/CFT compliance across the financial services sector.’