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IoM Guides On Vetting Key Persons

by Jason Gorringe, Lowtax.net, London
06 February, 2018

The Isle of Man Financial Services Authority, which regulates the island's financial services sector, has updated its guidance on the criminal records checks regulated entities are required to undertake.

Under Isle of Man law, all individuals appointed to "key roles" at a licenseholder must be notified to the Authority so that it can assess their integrity, competence, and financial standing.

The Authority says that in order for a licenseholder to satisfy itself as to the integrity of an individual, it must undertake a basic level criminal records check. The Authority says it expects the check to have been carried out within 12 months of the date it is notified of the key person's appointment. If the criminal records check is less recent (or has not been undertaken), the licenseholder must provide reasons for this, and this rationale will form part of the Authority's consideration of the individual's fitness and propriety.

Details of how to obtain a compliant criminal records check can be found on the Authority's website.


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