Work progressing on National Risk Assessment
The Isle of Man Financial Services Authority, along with partner agencies, is continuing to progress the extensive work in relation to the revised Isle of Man National Risk Assessment (NRA).
This suite of documents provides a robust and detailed assessment of financial crime threats facing the Island and is imperative in helping Government and industry to understand and mitigate key risks and allocate resources accordingly.
Some components of the NRA have already been published including:
- IOM Risk Profile Document
- National Risk Appetite Statement on eGaming and Financial Crime
- Terrorist Financing
- Banking
- Insurance
Shortly, following the approval process, further sector and topic-based risk assessments will be published in relation to:
- Legal Persons and Arrangements
- Proliferation Financing
- Gambling
- Trust and Corporate Service Providers
- Virtual Assets & Virtual Asset Service Providers
An overarching Money Laundering Risk Assessment relating to all financial and designated business sectors will also be issued, while the work will conclude with the development and production of a broader National Risk Appetite Statement.
Several workshops have already been held to raise awareness of the NRA and highlight how businesses can contribute to the process to ensure the Island continues to demonstrate the effectiveness of its ML/FT/PF frameworks.
Outreach will be stepped up in the time ahead and government agencies wish to thank all stakeholders for their continued engagement during the process.
The published risk assessments are available to view on the Isle of Man Countering Financial Crime website: https://counteringfinancialcrime.im/