Feedback sought on proposals to update AML/CFT framework

Feedback is being sought on proposals to update the Isle of Man’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.


A consultation has been published on the Government Engagement Hub today setting out plans to introduce a new activity under the remit of the Authority in respect of undertaking AML/CFT oversight in relation to ‘administering or managing money on behalf of another person’. If approved, the change would potentially bring new businesses into the scope of the designated business framework.


The Isle of Man Financial Services Authority, in conjunction with the Department of Home Affairs and the Treasury, is inviting views on the proposed revision to Schedule 1 to the Designated Business (Registration and Oversight) Act 2015, and corresponding revisions to Schedule 4 to the Proceeds of Crime Act 2008.


The documents included in this consultation are:

  • Designated Business (Amendment) Order 2024 (Isle of Man Treasury legislation); and
  • Proceeds of Crime (Business in the Regulated Sector) Order 2024 (Department of Home Affairs legislation).


The consultation is relevant to:

  • All persons that are licensed, authorised or registered under the Financial Services Act 2008, Insurance Act 2008, Retirement Benefits Schemes Act 2000, Designated Businesses (Registration and Oversight) Act 2015 or that have responsibility for collective investment schemes under the Collective Investment Schemes Act 2008. It is also relevant to advisers to those persons, or potential applicants for permissions under these Acts or their advisers.
  • The consultation is also relevant to a society registered as a credit union within the meaning of the Credit Unions Act 1993, a building society within the meaning of section 7 of the Industrial and Building Societies Act 1892, and, the Post Office in respect of certain activities.
  • Additionally, the sections of the consultation regarding Schedule 4 to POCA are also relevant to all persons supervised in relation to AML/CFT by the Isle of Man Gambling Supervision Commission.


The consultation can be accessed on the Government Engagement Hub and the closing date for submissions is 15 April 2024.