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AML/CFT Statistical Returns

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The AML/CFT returns provide valuable data which allows the Authority to assess the risk of money laundering and terrorist financing (“ML/FT”) in each sector within the industry, as well as giving insight into how individual businesses compare to peers within their sector and across sectors.

This information also feeds in to support evaluations of sectoral ML/FT risk in the Island’s National Risk Assessment. It is worthy to note that the data now available is generally consistent with, and supports, the risk profiles identified in the first National Risk Assessment which predated the detailed AML/CFT returns.

Using data submitted for 31 December 2017 and 2018, the Authority has prepared sector reports, and shared these with relevant industry groups, for the following:-

  • Banks;
  • Financial Advisors;
  • Fund Managers / Administrators; and
  • Investment Firms

Sector reports for Trust & Corporate Service Providers and Life Insurance are also being prepared and will be provided to relevant industry bodies shortly.

In the New Year we will publish these sector reports on our website and also provide a video presentation covering the main features and showing how sectors compare.

Later in 2021 we will publish updated reports for all sectors using the 2019 data set (see below for submissions).

The Authority believes it is important for individual businesses to understand the risks in their sector in general, and how their business compares. The sector reports may also enable businesses to identify additional risks against peers and to ensure that their processes are sufficiently robust to mitigate those risks.

                                                                                                                     

Reminder 2019 data: submissions due 31 December 2020

The Authority reminds regulated entities and designated businesses that the annual AML/CFT statistical return (for data as at, and for the year ended, 31 December 2019) should be submitted by 31 December 2020 to [email protected].

The return templates and guidance can be found at https://www.iomfsa.im/amlcft/amlcft-requirements-and-guidance/

The Authority thanks those regulated entities and designated businesses that have already submitted their return.

2020 data: submissions due 30 June 2021

The deadline for submitting the annual AML/CFT statistical return for data as at, and for the year ended, 31 December 2020, is 30 June 2021. There are no structural changes to the return templates and completed returns should be sent to [email protected].

The Authority is however planning to review, amend, and simplify the return format for future submissions.

This news item was originally published by the Isle of Man Financial Services Authority (IOMFSA IM). For more information, see the Source Link.

Regulator Information

Abbreviation: IOMFSA
Jurisdiction: Isle of Man

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