Raft of firms to register for new oversight

An important deadline is approaching for Manx firms to comply with new rules designed to combat financial crime.

The Isle of Man Financial Services Authority - FSA - is widening its net, to ensure measures against money laundering and the financing of terrorism are in place. 

A raft of businesses and organisations must now register with the FSA, to have their compliance with the legislation tested.

The Designated Businesses (Registration and Oversight) Act came into force in October 2015, embracing some types of business for the first time.

The list includes firms providing safe custody facilities for cash or liquid securities, financial leasing firms, virtual currency businesses, payroll operations and estate agents.

Some non-profit organisations are also caught under the act.

The deadline for online registration is Tuesday 26 April, details at www.iomfsa.im/dnfbp

The FSA says its extended oversight will ensure the proceeds of crime are not used in Island business transactions, or to threaten security.  

Kelly Mercer is an officer at the FSA's Anti-Money Laundering Unit: