Authority issues letters in relation to potential beneficial ownership non-compliance

The Isle of Man Financial Services Authority is the statutory body responsible for overseeing compliance with the requirements of the Beneficial Ownership Act (“the Act”).

The Authority has conducted an exercise to reach out to Isle of Man entities which are understood to currently be operating in potential non-compliance with the requirements of the Act.

If you receive a letter (dated 28/02/2025) from the Authority reminding you of your obligations under the Act, it is important that you take urgent action to address any highlighted issues, or you may be at risk of being subject to further action (including the imposition of civil penalties).

If you are a nominated officer of an entity, and you require a new Online Services access code in order submit beneficial ownership information to the Database, please contact the Companies Registry on either BOAEnquiries.dfe@gov.im or companies.registry@gov.im.

If you wish to speak to the Authority about the content of the letter, please do not hesitate to get in touch via email at beneficial.ownership@iomfsa.im.

For information and guidance around beneficial ownership, please visit this dedicated section of the Authority’s website.