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Businesses reminded of registration requirements

Thu, 09 Dec 2021

Businesses that provide, or advertise as offering, certain services without first being registered with the Isle of Man Financial Services Authority could face a penalty of up to £5,000.

The Authority is seeking to raise awareness of the issue after dealing with a number of contraventions of the Designated Businesses (Registration and Oversight) Act 2015.

It said instances have come to light recently, particularly via social media, where firms have been promoting or performing services without having the necessary registration in place.

Ashley Whyte, Senior Manager in the Authority’s AML/CFT Division, said: ‘We are keen to work with people to ensure they have a thorough understanding of their responsibilities. Firms or individuals involved in certain business activities are at risk of abuse from money laundering or the financing of terrorism, and those business activities are listed as “designated”. Registration, and the requirement to have robust controls in place, helps businesses to protect themselves, their employees and, more widely, their families and community from the dangers associated with dealing with criminals.’

Mrs Whyte added: ‘Firms must not carry out or even start marketing a designated business activity without first being registered. We will investigate and take appropriate action if necessary. If you are thinking of launching a new service and aren’t sure if it needs to be registered, please talk to us, visit our website and seek appropriate legal advice.’

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