Oversight regime for designated businesses

A key deadline is approaching for a range of Island organisations which are to be scrutinised by the financial services' regulator for the first time.

More than a dozen types of businesses, from accountants and bookkeepers to estate agents, lawyers and charities, are to be tested for compliance with anti money-laundering and prevention of terrorism financing laws.

The requirement was established in the Designated Businesses (Registration and Oversight) Act 2015, and will see annual checks carried out by the Financial Services Authority.

A raft of designated businesses must register with the FSA by 26 April.

The process includes a questionnaire aimed at the person within each business charged with governance, and a risk assessment, showing a firm's business profile and client base.

Forms can be found online at iomdnfbp.co.im or by contacting the FSA.