Details of which financial services activities in the Isle of Man fall within the regulated sector can be found in the Regulated Activities Order 2011 (amended 2013, 2016,2018,2019).
As you will see regulated activities include, banking, investment business, Services to Collective Investment Schemes, Corporate services, Trust Services, Crowdfunding platforms (no licences ever issued !), Management or Administration services & Money Transmission Services.
There are some exemptions to licensing which are detailed in the Financial Services (Exemptions) Regulations 2011 (last amended in 2019)
The FSA also provides oversight to other business operating within the regulated sector which do not require a financial services licence. In the Isle of Man these are known as designated businesses. Accountants, estate agents, advocates & virtual currency businesses are all designated businesses.
The AML requirements placed designated businesses is onerous. A current full list of relevant businesses is here.
We recommend Rowany – Isle of Man compliance consultants if you require professional assistance.