Enhancing regulatory reporting: Authority adds XBRL Module for STRIX

The Isle of Man Financial Services Authority has announced the addition of the XBRL add-on module for STRIX, the supervisory technology platform developed by Financial Transparency Solutions GmbH.

 

This strategic enhancement marks a significant step forward in streamlining regulatory reporting and strengthening AML/CFT supervision across the Island’s financial sector.

 

STRIX has already transformed the way the Authority collects and analyses data from more than 600 supervised entities across multiple sectors. With the integration of the XBRL (eXtensible Business Reporting Language) module, the platform now offers even greater efficiency, automation, and accuracy in data submission and processing.

 

What Is XBRL and Why Does It Matter?

 

XBRL is an international standard for digital business reporting that enables structured, machine-readable data exchange. By tagging financial and non-financial data with standardised taxonomies, XBRL ensures consistency, reduces errors, and facilitates automated analysis.

 

For Isle of Man firms, this means:

 

  • Reduced Reporting Burden: Firms can upload XBRL instance files that pre-populate survey fields, saving time and minimising manual input.
  • Improved Accuracy: Automated taxonomy generation and validation reduce the risk of errors and enhance data quality.
  • Recurring Efficiency Gains: Especially beneficial for annual AML/CFT returns and other recurring reports.
  • Seamless Integration: The module works directly with STRIX’s Data Collection Module, ensuring a smooth user experience.

 

Supporting International Standards

The adoption of the XBRL module supports the Isle of Man’s commitment to maintaining high standards in financial supervision. It also reinforces the Island’s reputation as a forward-thinking jurisdiction for financial services.

 

What’s Next? 

The AML Return will be launched on 5 January 2026 for completion by 4 April 2026.

 

The Authority will continue its outreach and engagement programme to support firms in adopting the new technology additions within STRIX. Training and guidance will be provided to ensure a smooth transition and to help firms unlock the full benefits of XBRL-enabled reporting. If you are a developer for firms, or a firm looking to take advantage of this feature please get in touch at amlreturns@iomfsa.im

 

David Baker, Senior Manager in the Authority’s AML/CFT Supervision Division, said: ‘The integration of XBRL into STRIX marks a major milestone in our journey toward data-led, risk-based supervision. It enhances our interaction with firms and streamlines the reporting process, delivering real value to both the Authority and the regulated community.’