The Isle of Man Financial Services Authority and Gambling Supervision Commission (GSC) are jointly rolling out a new data collection and risk assessment tool to support the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of Isle of Man-based firms.
The Authority and GSC have been collaborating with Austria-based software development firm Financial Transparency Solutions to implement STRIX AML, which has been developed in line with recommendations set by the Financial Action Task Force (FATF), the organisation that leads global efforts to tackle money laundering and terrorist financing.
Compliance with AML/CFT international standards is crucial in terms of maintaining the Isle of Man's reputation as an excellent place to do business. This investment in technology and automation will enable supervisors to gain a deeper understanding of AML/CFT risk and to focus their resources on the firms and sectors that pose the biggest threats.
Benefits of the new STRIX system include the streamlining of data collection and analytics, greater automation of the risk assessment process, and the accurate identification of firms with an elevated ML/TF risk.
STRIX also makes it easier for firms to provide the required data through a dedicated online portal. The Authority and GSC will be conducting a programme of outreach and engagement with firms to support the smooth implementation of the technology.
"The use of STRIX supports our transition to a more data-led and risk-based approach to financial supervision," said Ros Lynch, the Authority's Head of Innovation Strategy. "As well as boosting our overall effectiveness, this solution will enhance our interaction with Island firms and streamline the AML/CFT annual returns process."
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