The Isle of Man Financial Services Authority has set out a two-year programme aimed at countering financial crime.
It highlighted in a report the supervisory priorities for 2025 to 2027 in relation to anti-money laundering (AML), countering the financing of terrorism (CFT) and countering the financing of proliferation (CFP).
The AML/CFT Supervision Division is leading on a number of risk-based workstreams to support the drive for continued improvement in standards of compliance with the Island’s AML/CFT framework.
The ongoing and upcoming projects form part of the wider approach being delivered across the regulator’s four dedicated supervisory divisions over the next two years under the broad themes of Countering Financial Crime; Culture, Governance and Risk Management; Financial and Operational Resilience and Quality of Supervisory Data.
Ashley Whyte, Head of AML/CFT Supervision, said: ‘We are rolling out our supervisory plans for the next two fiscal years with a view to strengthening efforts to reduce financial crime. This work builds evidence to demonstrate the long-term effectiveness of the Island’s AML/CFT/CFP frameworks and identifies areas where remediation or further outreach and guidance may be required to enhance overall standards of compliance.’
She added: ‘Publishing our AML/CFT/CFP supervisory priorities is intended to assist Island firms with their forward planning, particularly in relation to anticipated demands on compliance functions. I would encourage people to read the document and work with us to protect the Island from the harms caused by financial crime.’
The AML/CFT/CFP work will be carried out in line with the engagement model published in the regulator’s Supervisory Methodology Framework. Resources will be focused on the firms and sectors perceived as posing the most significant risk of money laundering, terrorist financing or proliferation financing. For lower risk firms there will be a greater emphasis on thematic work and outreach.
The AML/CFT/CFP supervisory programme includes a continuation of projects that have already started, alongside topical TF and PF thematic reviews and new areas of focus designed to complement the regulator’s Strategic Approach to Countering Financial Crime. Work will be delivered through a suite of supervisory activities including inspections, data requests and compliance meetings.
Topics and approximate timelines will be included as part of the At-A-Glance calendar, which provides advance notice of the regulator’s future activities and key milestones.
