Hopes best practice will be highlighted and shared
An exercise to check levels of compliance, and identify any potential areas of weakness among Trust and Corporate Service Providers in the Isle of Man, is to be carried out through 2023 and beyond.
The so-called 'Thematic Project' will be undertaken by the Isle of Man Financial Services Authority and will focus on elements of the anti-money laundering and countering the financing of terrorism code 2019.
The nature and scale of the project means that notifications, and the involvement of individual licence holders, will be staged over a period of time.
The TCSP sector is highlighted in the Isle of Man National Risk Assessment as one of the highest risk business sectors in the Island.
Ian Spence, head of the authority's anti-money laundering and countering the financing of terrorism division, says the process presents a great opportunity to test and evidence how licence holders are meeting their challenges.
In addition to increased engagement with firms during the project, it's hoped to discover and highlight some best practice that can be shared and fed back with the industry.
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