Authority publishes sanctions factsheet (Press Release)

The Isle of Man Financial Services Authority is seeking to raise further awareness of sanctions risks and reporting through the publication of a new online factsheet.

The document, which is available to view via the Authority's website, provides an overview of targeted financial sanctions related to proliferation and to terrorism and terrorist financing.

As an international finance centre, the Isle of Man is strongly committed to fulfilling its obligations in respect of:

• sanctions regimes, and denying terrorist groups access to the financial system;
• countering the proliferation of weapons of mass destruction; and
• effective controls on the export and trade in military equipment, dual-use items, and other goods of concern.

Island firms must establish and maintain strong policies, procedures and processes, as well as have in place appropriate governance structures to mitigate any sanctions risks.

Robust business, customer and technology risks assessments (BRA, CRA and TRA) are critical in identifying customers and transactions with links to individuals, entities and jurisdictions associated with evading sanctions.

The factsheet outlines the different types of sanctions and highlights the steps to take if a sanctions breach is suspected.

Sanctions-related outreach is currently being conducted across multiple government agencies to address financial crime threats and maintain the integrity of the Island's financial systems.

Published materials aimed at assisting Island firms are set out in this news release.