A new approach to supervision on the Isle of Man

15.05.2023 The Isle of Man Financial Services Authority has published a document outlining a new approach to the supervision of the regulated financial sector based on risk assessment.
Within the framework of this system, an attempt will be made to focus Management resources on the greatest threats to achieve the economic principles of the state. In particular, these principles are consumer protection, reducing the level of financial crime and maintaining confidence in the sector through effective regulation.

Anti-Money Laundering (AML) supervision should correspond to the level of risk to which each company is exposed. Companies that conduct their activities in an opaque manner, and therefore pose the greatest risk of money laundering or terrorist financing, will receive the most attention. Companies in whose activities the Department identifies significant problems can be placed under the supervision of a special group of enhanced control or in the law enforcement department, regardless of their influence or the risk of financial crimes.

Link to source: https://www.iomfsa.im/fsa-news/2023/may/authority-sets-out-updated-approach-to-supervision/