1.1. PURPOSE OF THIS HANDBOOK
The purpose of this Handbook is to:
(a) assist licenceholders in understanding their obligations and, in so doing, to enable the Island to maintain and further its high standards;
(b) summarise and explain the requirements of the primary and secondary AML/CFT legislation in the Isle of Man;
(c) outline the regulatory powers which the Commission may exercise and to set out the Commission‘s requirements of licenceholders;
(d) assist licenceholders to comply with the requirements of the Proceeds of Crime Act 2008, the Anti-Terrorism and Crime Act 2003, the Terrorism (Finance) Act 2009 and the Codes by specifying best practice;
(e) set the minimum criteria to be followed by all regulated licenceholders in the Isle of Man where there is knowledge, suspicion or reasonable grounds to suspect money laundering and/or terrorist financing;
(f) promote the use of a proportionate, risk-based approach to CDD measures;
(g) provide a defining minimum basis which individual licenceholders can utilise in order to tailor their own policies, procedures and controls for the prevention and detection of money laundering and terrorist financing;
(h) ensure compliance with international standards by the Isle of Man; and
(i) emphasise the particular money laundering and terrorist financing risks of some of the financial services and products offered by licenceholders in the Isle of Man;
This Handbook does not aim to prescribe an exhaustive list of recommended AML/CFT systems of control. A reasonable, proportionate and intelligent riskbased approach is required. Each licenceholder must consider its particular circumstances. This includes, additional measures that may be necessary to prevent its exploitation and that of its products and services by persons seeking to launder money or to finance terrorism.
The Commission recognises that licenceholders may have systems and procedures in place which, whilst not identical to those outlined in the Handbook, nevertheless impose controls and procedures which are at least equal to if not higher than those contained in the Handbook. This will be taken into account by the Commission when assessing the adequacy of a licenceholder‘s systems and controls. The Commission will review the Handbook regularly and, after consultation where appropriate, will amend them in the light of changing best practices, legislative changes and the development of international standards.
Link to the handbook: click here