The Isle of Man Financial Services Authority has reminded businesses of the support that is available ahead of next month’s MONEYVAL evaluation.

Formal interviews by the Council of Europe’s anti-money laundering body with industry representatives, regulators and government agencies are scheduled to get underway on Monday, September 28.

They will build on the technical compliance and effectiveness submissions completed earlier this year by the Isle of Man Government.

The sixth-round evaluation requires the island to provide substantial evidence of the effectiveness of its frameworks to combat financial crime and to demonstrate how risk understanding drives policy decisions, supervisory priorities and operational activity.

Firms are encouraged to view the FSA’s MONEYVAL preparation webpage at https://www.iomfsa.im/amlcft/moneyval-preparation/, which sets out key elements of the process and features an updated briefing pack to raise awareness of what’s involved and how businesses can best contribute to the island’s readiness.

It is important to note that if a firm is selected for interview that did not take part in the recent mock evaluation, the authority and partner agencies will reach out to help them prepare.

An FSA spokesperson added: ‘While there is no regulatory requirement to engage with the MONEYVAL assessment team, it is hoped that firms will take the opportunity to represent their sector and support the island’s efforts to enhance its reputation as an outstanding place to do business.

‘Securing a positive MONEYVAL outcome will not only evidence the Isle of Man’s compliance with international standards, it will also provide the foundation on which to pursue future economic prosperity.’

Publications and guidance available to assist island firms include:

- MONEYVAL timeline: This graphic identifies the key milestones in the evaluation process.

- National Risk Assessments (NRA): Conducting an NRA is a key recommendation of the Financial Action Task Force (FATF) and an integral part of a country’s efforts to mitigate and respond to identified risks.

The Isle of Man has adopted a ‘ground up’ approach, with sector and topic-based assessments helping to identify financial crime threats. Reports and key findings can be accessed via the Countering Financial Crime website.

- Briefing document: This overview provides further information about the sixth-round evaluation, the rules of procedure, and changes to the methodology. The content has been updated to reflect recent feedback.

- Financial Action Task Force (FATF) guide: The FATF’s 11 immediate outcomes are explained in a useful poster-style format, along with an insight into FATF requirements and compliance ratings.

- Clickable guides: The FSA’s clickable sector guides are intended as a one-stop-shop to signpost people to useful content such as webinars, thematic reviews, factsheets, supervisory priorities, sector specific guidance, and how to submit suspicious activity reports.

- MONEYVAL FAQs: A wide range of topics are covered in a question and answer format to assist firms and support the island’s overall readiness for the onsite evaluation.

Any queries regarding the MONEYVAL process that are not already dealt with in the briefing materials should be sent by email to [email protected]