Oversight Obligations
Notification of changes
Once registered, under article 5 of the Designated Businesses (Civil Penalties) Order 2015, a designated business must advise the Authority of any changes in its circumstances within 14 days of the change occurring. The Authority must be notified if the change is to any information submitted at registration, such as contact information, as well as the appointment and resignation of any specified person.
To notify the Authority of any change, login into the online portal on the Authority’s website and create the relevant form. The system will then notify the Authority who will approve the changes or revert with any queries. Full guidance can be found in the user guide.
Inspections
All registered persons will be subject to a periodic inspections from the Authority or a body to whom the Authority has delegated its powers to test compliance with AML / CFT Legislation. It involves testing that the business has adequate procedures in place to prevent and forestall money laundering and terrorist financing and these procedures are being implemented effectively.
The Authority (or professional body) may provide feedback on any weak areas or any areas where a business may not be in compliance with the legislation. Where appropriate, the Authority may issue a civil penalty for non-compliance with the AML/CFT legislation in line with the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 .
Please see the “Supervisory Approach” page for further information.
Delegated Oversight
The Authority has delegated its oversight powers to the following professional bodies:
- Institute of Chartered Accountants of England and Wales
- Association of Chartered Certified Accountants
- Isle of Man Law Society
- Institute of Certified Bookkeepers
- Institute of Financial Accountants
Should a business wish to be overseen by its professional body, it should elect to do so at registration.
The professional bodies will be responsible for the oversight process and will feed back to the Authority. Registration and enforcement powers in accordance with the Act are retained by the Authority.