On 5 May, the FSA advised that it has published the findings of its review into the risks posed to the Isle of Man business sector in connection with foreign Politically Exposed Persons (PEP).  Inspectors found that some firms demonstrated a strong understanding of risks, supplemented by good systems and controls, clear procedures, experienced staff, and documented evidence of the assessment and management of foreign PEP.  However, contraventions of the AML/CFT Code were identified at a number of inspected firms.  This ranged from relatively small-scale matters that can be quickly addressed by firms, to gaps and weaknesses that require more substantial remedial action.

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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