The July Tynwald papers included two reports issued by the Isle of Man FIU.
The first was the annual report of the FIU for 2018/19, some 16 months after the period to which it relates.
The second report was the strategic plan of the FIU in respect of 2020/21.
The delay in the publication of the annual report does limit the usefulness of the data included within it to industry, that said, the FIU under the leadership of Phil Hunkin is, in my opinion, continues to develop upon and strengthen the very good work of Lindsey Bermingham, the former Chief Executive of the FIU.
One particular welcomed improvement introduced by Phil is the significant shift in transparency of the work of the FIU, whilst of course ensuring the confidentiality of the sensitive data collected by the Unit, through the regular publication on its website of open data statistics, typologies specific to the Island and relevant guidance.
Of course, this also means that the Unit is also well on its way of achieving one of the key strategic initiatives set for the current year, “To deliver strategic financial intelligence products, analysis, typologies and guidance to other competent authorities and business in the regulated sector“.
The usefulness of the information contained in the Annual Report may be limited by virtue of the dated timeframe, however the new format of statistical presentation of data and the increased granularity is welcome. We would recommend every firm in the regulated sector and designated business to read both reports and in relation to the annual report to consider if the statistics provided when viewed in the light of your own business and clients shed new light on the risk profile of your business.
Here at Rowany AML Solutions Limited we can help you update your business AML/CFT risk assessment and interpret the data derived from your business, products clients and distribution channels in the light of the NRA, public FIU information available and relevant typologies. Contact us for a free, no obligation chat over a coffee to discuss how we might be able to help you.