Authority Sets Out Approach to Countering Financial Crime

The Isle of Man Financial Services Authority has set out its strategic approach to countering financial crime.

Published online today, Wednesday 27 November 2024, the strategy underlines the Authority’s commitment to protecting the Island from the harms caused by money laundering, terrorist financing and proliferation financing.

The document, which builds on the overarching Strategic Plan for 2024-2027, highlights the Authority’s mission and vision in relation to AML/CFT/CPF and explains how they contribute to the regulatory objective of reducing financial crime.

Work undertaken by the Authority also informs the Financial Crime Strategy and national AML/CFT/CPF policies, as well as helping to strengthen the Island’s AML/CFT/CPF framework.

The Authority’s strategic priorities are captured as part of a ‘Four Es’ approach:

• Enhance: Strengthen the Authority’s long-term effectiveness in relation to AML/CFT/CPF
• Enable: Support effective risk-based supervision of firms in respect of AML/CFT/CPF and beneficial ownership
• Embed: Further utilise the AML/CFT/CPF risk analysis tool to inform the risk-based supervisory programme
• Engage: Continue to provide outreach in relation to AML/CFT/CPF across a broad spectrum of national and international stakeholders

Examples are provided in the document to illustrate some of the workstreams being progressed by the Authority and the intended positive outcomes for stakeholders.

Ashley Whyte, Head of the Authority’s AML/CFT Supervision Division, said: ‘The Countering Financial Crime Strategic Approach sets out our key areas of focus in respect of AML/CFT/CPF. The intention is to maintain the integrity of the regulatory environment, improve stakeholder engagement and support a thriving, innovative and sustainable finance sector.’