Upcoming Trust and Corporate Service Providers AML/CFT Thematic Project
The Financial Services Authority (“the Authority”) is currently planning a thematic project involving Trust and Corporate Service Providers (“TCSPs”), which is intended to run during 2023 and beyond.
The Authority’s AML/CFT Division will lead the thematic project, and work in conjunction with the Authority’s Fiduciary Services Division, to review the selected Class 4 (Corporate Services) and Class 5 (Trust Services) licenceholders.
This thematic will focus on certain elements of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (“the Code”). The focus of the project work and request for relevant documentation to be provided to the Authority will be sent to relevant licenceholders at the same time as they are notified of their part in the thematic project. The nature and scale of the thematic project means that notifications, and the involvement of individual licenceholders, will be staged over a period of time.
Further assistance and guidance on the Code is available on the Authority’s AML/CFT webpage. Useful documents include but are not limited to the Anti-Money Laundering & Countering the Financing of Terrorism Handbook and the TCSP Sector Guidance - March 2022.
Ian Spence, Head of the Authority’s AML/CFT Division, said: The TCSP sector is highlighted in the Isle of Man National Risk Assessment as one of the highest risk business sectors in the Island, and the thematic presents a great opportunity to test and evidence how licenceholders are meeting their AML/CFT challenges. In addition to increased engagement with firms during the project, we hope to discover and highlight some best practice that can be shared and fed back with the industry.
The thematic work also offers a chance to gain a better overview of the mix of TCSPs on the Island, as they range in size and complexity and international reach, some with customers and beneficial owners from across the globe. This will add to the Authority’s wider AML/CFT evidential understanding and picture of risk, building on from the work the Authority has recently seen with the foreign PEP thematic project.”