ISLE OF MAN LONG-TERM INSURERS – AML/CFT GUIDANCE

On 31 December, a news release from the Financial Services Authority advised that revised Guidance Notes on Anti-Money Laundering and Preventing the Financing of Terrorism – for Insurers (Long Term Business) have been published, dated January 2020.   It says that the FSA has been engaged with representatives of the long-term insurance sector for some time to develop a revised guidance document for the sector.  Work is said to continue in relation to the re-drafting of the entire AML/CFT Handbook to reflect the amendments brought in by the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 and the FSA said that it is aiming to publish the re-drafted AML/CFT Handbook by the end of Q2 of 2020.

https://www.iomfsa.im/media/2655/long-term-insurers-aml-cft-guidance.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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