The Isle of Man Anti Money Laundering rules apply to ‘Relevant Businesses’ operating within ‘regulated sectors’ on the Island. They are enforced by the Financial Services Authority.
‘Relevant Businesses’ are those prescribed within the Regulated Activities Order 2011 (unless exempted) and also those (such as accountants, estate agents and virtual currency businesses) which are known as ‘designated businesses’ and are detailed in the Designated Business Act.
The principal legislation in the Isle of Man relating to AML / CFT is the Proceeds of Crime Act 2008.
‘Relevant Businesses’ operating within the Regulated Sector in the Isle of Man are required to comply with the AML / CFT Code. This legislation changes frequently please look up the latest versions yourself.
The AML/CFT code sets out the detailed requirements for relevant businesses to:-