AML/CFT Annual Statistical Return Updates
Following the previous Press Release published on 04 November 2024, the Isle of Man Financial Services Authority (“the Authority”) is now in a position to provide specific details of the enhancements and changes made to the AML/CFT Statistical Return (“the Return”) for the year 2024, to be issued 02 January 2025, with the new deadline for the Return being 31 March 2025.
The updated AML/CFT Annual Statistical Return Guidance is now live on the Authority’s website.
This guidance will give all industry sectors visibility of the questions and requirements of the 2024 Return. The Authority is continuing to assess feedback from a number of stakeholders, so the guidance may be subject to further changes and enhancements.
David Baker, Senior Manager at the Authority’s AML/CFT Supervision Division, said: “The release of this guidance for the 2024 AML/CFT Annual Statistical Return marks an important step in our ongoing dialogue with industry stakeholders. If you have any questions, comments or feedback, please contact us at your earliest opportunity at amlreturns@iomfsa.im”
STRIX 2024 AML/CFT Annual Statistical Return Change Log;
- Wording amended throughout, adding bold text to highlight key aspects and aid readability
- 80 total questions removed
- 27 new conditional questions
- 35 new risk and control data questions
- 16 conditional questions added to the risk sections to hide 46 questions
- New risk sections, including questions on;
- 3 questions added in relation to incidental business
- 1 question added in relation to unique ultimate beneficial owners’ jurisdictions
- 1 question added in relation to IOM incorporated companies
- 8 “Yes/No” questions added in relation to products and services
- 7 questions added in relation to total use of simplified due diligence measures across the customer base
- 11 conditional questions added to the control section to hide 73 questions
- New control sections, including questions on;
- 4 questions added in relation to procedures, controls and the BRA
- 7 “Yes/No” questions added in relation to staff training topics
- 4 questions added to expand out sanctions reporting
STRIX Users – Reminders
You can access STRIX by visiting https://fsareturns.im/.
Regulated firms should complete the F&P2 Notification Only Form and tick the R17b box. Once completed, the form should be returned to the firm’s relevant supervisory division. DNFBP firms should complete the new DNFBP Strix User Form and return it by email to amlreturns@iomfsa.im. The users will then be added to STRIX once the form is processed. It is important to note the form must be fully completed in order for the Authority to correctly process it, including the email address of the new user.
Ashley Whyte, Head of the Authority’s AML/CFT Supervision Division, said: “To highlight some of the key changes made ahead of the 2024 Return, the Division has improved the wording to make questions clear and precise. A total of 80 questions have been removed, and by analysing and enhancing the extracts from STRIX we are now able to gather multiple data variations and combinations from fewer questions using back-end system logic. Additionally, 27 simple ‘Yes/ No’ conditional questions have been added, which will allow for greater tailoring and avoid, in as many instances as possible, firms completing or submitting a zero or nil answer.
In terms of additions, questions have been added around staff training topics, products and services, and the use of simplified due diligence measures. Adding these into the 2024 Return will allow for valuable data collection this year and years going forward, which we hope in turn will reduce any requirements for future, ad-hoc requests in these areas.”
- For AML returns and STRIX survey queries, please contact - amlreturns@iomfsa.im
- For general AML queries, please contact - aml@iomfsa.im
- To speak to the Authority - Tel: +44 (0) 1624 646000