IoM Amends AML/CTF Handbook
Friday, December 30, 2011
The Isle of Man's Financial Supervision Commission has announced amendments to
the territory's Anti-Money Laundering and Countering the Financing of Terrorism handbook.
Among changes in the amended version, a concession allowing source of funds
to be used as a verification of identity and revisions has been revoked and
other concessions have been revised on the recommendation of the International
Monetary fund from its assessment of the Isle of Man's regime.
In addition, the
AML/CFT Handbook has been amended throughout to provide greater clarity on the
treatment of foundations for customer due diligence purposes in light of the
Foundations Act 2011, which permitted the creation of the foundation trust form
following Royal Assent received in November 2011.