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Insurance and Pensions

Guidance and Requirements

In addition to the requirements of the AML/CFT legislation, the Authority has issued regulations and guidance notes on the prevention of money laundering and countering the financing of terrorism which impose additional requirements on persons regulated under the Insurance Act 2008.

Insurance (Anti-Money Laundering) Regulations 2008

With effect from 1 September 2008, the Authority introduced anti-money laundering regulations with which Isle of Man insurers must comply. A copy of the regulations can be viewed, or downloaded, by clicking on the link in the table below.

Guidance Notes on Anti-Money Laundering and Preventing the Financing of Terrorism – for Insurers (Long Term Business)

Also with effect from 1 September 2008, the Authority introduced revised anti-money laundering requirements in the form of binding guidance with which Isle of Man life insurers must comply. Life insurers must apply the requirements of these guidance notes in conjunction with the provisions of the Insurance (Anti-Money Laundering) Regulations 2008 and the AML/CFT legislation.

Under the provisions of the Insurance Act 2008 a breach of the guidance notes is not an offence per se, but a breach does enable the Authority to take such supervisory action as the Authority believes to be appropriate and proportionate in the event of a failure to observe any provision of binding guidance.

The guidance notes referred to above can be viewed below.

Transfer of Functions

Pursuant to the Transfer of Functions (Isle of Man Financial Services Authority) Order 2015 (as amended), with effect from the 1 November 2015 –

  • regulation 6 of the Insurance (Miscellaneous Amendments) Regulations 2015 makes consequential amendments to the Insurance (Anti-Money Laundering) Regulations 2008; and
  • the Guidance Notes (Amendment) on Anti-Money Laundering and Preventing the Financing of Terrorism for Insurers (Long-Term Business) make consequential amendments to the Guidance Notes on Anti-Money Laundering and Preventing the Financing of Terrorism for Insurers (Long-Term Business).

If you want to save a copy of a document, do not open it. Right click on the name of the document you require and a dialog box will appear which will give you the option to save the target or to print it.

Downloadable Documents
Acrobat PDF FileAnti-Money Laundering and Terrorist Financing Code 2015 (718 kb)
Format:Acrobat PDF File
Anti-Money Laundering and Terrorist Financing Code 2015
Acrobat PDF FileInsurance (Anti-Money Laundering) Regulations 2008 (83 kb)
Format:Acrobat PDF File
Insurance (Anti-Money Laundering) Regulations 2008
Acrobat PDF FileGuidance Notes on Anti-Money Laundering and Preventing the Financing of Terrorism – for Insurers (Long Term Business) (377 kb)
Format:Acrobat PDF File
Guidance Notes on Anti-Money Laundering and Preventing the Financing of Terrorism – for Insurers (Long Term Business)
Acrobat PDF FileGuidance Notes (Amendment) on Anti-Money Laundering and Preventing the Financing of Terrorism for Insurers (Long-Term Business) (290 kb)
Format:Acrobat PDF File
Guidance Notes (Amendment) on Anti-Money Laundering and Preventing the Financing of Terrorism for Insurers (Long-Term Business)