Presentation provides insight into use of simplified measures (Press Release)

The Isle of Man Financial Services Authority has published an online presentation to offer further insight into an integral part of the Island's risk-based approach to countering financial crime.

Ashley Whyte, Head of AML/CFT Supervision, delivers a high-level overview of simplified due diligence (SDD) and how its use enables controls and resources to be applied that are proportionate to the level of risk identified.

This approach provides benefits to firms, customers and the Island in general by reducing requirements for lower risk business, assisting smoother onboarding of clients, and supporting financial inclusion.

The recorded webinar includes information about the appropriate use of simplified measures permitted under the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Code 2019.

Firms are required to understand and reflect the findings of the National Risk Assessment within their Business Risk Assessment (BRA) to help determine what procedures and controls should be implemented.

The presentation highlights a range of practical examples regarding the use of simplified measures and how they may be applied in different scenarios.

Conditions relating to each simplified measure are also set out, along with the need for firms to document and rationalise where SDD is utilised.

Firms are encouraged to view the Authority's library of recorded webinars on key topics, while any enquiries can be emailed to [email protected]