Anti Money Laundering
The Isle of Man has applied the "Know Your Customer" ("KYC") principle since
1985. More detailed provisions are now in place to determine how customers and
clients are adequately identified and their identification verified.
KYC is a convenient term to describe the process of obtaining, retaining and
using information about a customer such that his identity and residential
address are verified, the source of his funds and wealth are understood, his
financial circumstances are understood, and the nature of the transactions he
undertakes are understood in the context of his known personal circumstances
and activities. Similar concepts apply to corporate, trust and other business,
modified accordingly. Increasingly the term "Customer Due Diligence" ("CDD") is
being used to represent the same concepts.
Every licenceholder must have a Money Laundering Reporting Officer, keep
adequate records and have effective staff training in this area.
For further information, visit www.gov.im/fsc/aml
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