Business leaders, regulators, and government representatives from across the Isle of Man came together to discuss how the island is preparing for its upcoming MoneyVal evaluation.

The event, ‘Preparing for MoneyVal,’ was hosted by Jersey headquartered anti-money laundering technology platform Tiller Technologies at the Comis Hotel & Golf Resort recently.

It brought together key stakeholders to explore both the challenges and opportunities the evaluation presents.

Attendees heard from the Isle of Man Financial Services Authority, the Gambling Supervision Commission, and leading industry voices - with a special guest from Jersey sharing insights following their recent successful assessment.

MoneyVal, the Council of Europe’s permanent monitoring body, evaluates how jurisdictions comply with international standards to fight money laundering and terrorist financing.

It will conduct its latest onsite evaluation of the island in October next year.

The ‘Preparing for MoneyVal’ event aimed to provide practical advice for regulated firms facing the complex demands of the process.

The panel discussion, moderated by Sinead O’Connor of DQ Advocates, featured David Baker (Isle of Man Financial Services Authority), Shannon Reid (Gambling Supervision Commission), and Scott Le Flour (Triskele Solutions, Jersey).

Together, they shared their perspectives on what to expect from the evaluation, lessons learned from Jersey’s experience, the role of regulators and legal advisors, and how businesses can best prepare.

Panellists encouraged firms to take a proactive approach in the months ahead.

Shannon advised: ‘Go into the coming months with cautious optimism. Be critical and analytical of the part you play in the overall success of the island.’

The panel urged businesses to use the feedback shared to strengthen their own processes: ‘Take the feedback, bring it into your firm, evaluate yourself, and ensure you’re as strong as you can be.’

Audience members participated throughout, submitting live questions via software platform Slido to spark discussion.

Key topics included the importance of island-wide readiness, early remediation, the risks of grey-listing, and the need for collaboration between regulators and industry.

The panel also highlighted the value of ongoing dialogue between industry and regulators: ‘We’ve changed things because of the engagement we’ve had from industry. Please continue to engage - it’s making a difference.’

This event marks Tiller Technologies’ third engagement in the Isle of Man in only six months, following the launch of its Verify by Tiller AML platform in October.

A recording of the session will be made available shortly at its website www.tiller-verify.com.

The event’s organisers added that any unanswered questions submitted during the event will be addressed by email follow-up.

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