The Isle of Man Financial Services Authority has published an updated version of its anti-money laundering handbook after its overhaul in October last year.
The island regulator said the changes “capture a number of minor amendments and provide additional clarity following recent legislative changes” including guidance now colour-coded to differentiate between references to regulations and legislation.
In particular, there is further clarity provided to the Customer Risk Assessment guidance and additional information included in relation to Commercially Exposed Persons.
There are also updates to ongoing monitoring requirements in respect of Source of Funds and Source of Wealth, and the splitting out of terminology for Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF) for additional clarity.
The Isle of Man FSA is also publishing revised sector specific guidance for accountancy and tax advisers, moneylenders, and safe custody and administering or managing money on behalf of another person.
The statement concluded: “A full review of all sector specific guidance will be undertaken following the publication of the Island’s National Risk Assessment later this year.”
