For designated businesses in the Isle of Man, compliance with AML/CFT regulations is non-negotiable – but it doesn’t have to mean sleepless nights or overwhelming costs. Whether your business is in Legal, Accountancy, or Property, the regulatory framework can feel daunting. But here’s the good news: you don’t have to do it alone.
Partnering with a compliance consultancy who specialise in taking the stress out of compliance is a surprisingly affordable and simple solution. At Impact Professional Services we work with businesses like yours to create tailored, pragmatic solutions that address your unique needs and challenges, all while keeping costs manageable.
Why Smaller Businesses Struggle with Compliance
- Resource Constraints: Limited budgets and small teams make it difficult to dedicate time and expertise to compliance.
- Complex Regulations: AML/CFT laws are intricate and ever-changing, requiring constant vigilance.
- Fear of Non-Compliance: The risk of financial penalties and reputational harm looms large for smaller businesses.
While these challenges are real, the solution is simpler than you might think. With the right support, you can meet your compliance obligations without the stress, confusion, or fear of missing something critical.
The Value of Tailored Support
At Impact Professional Services we understand that one-size-fits-all doesn’t work in compliance. Each business has different processes, risk profiles, and pain points. That’s why we work with you to create a bespoke plan that fits your needs, whether that’s mentoring a new MLRO, conducting a risk assessment, or providing ongoing support as your dedicated compliance partner.
When you work with us, you get more than a checklist – you get peace of mind, knowing that your compliance obligations are handled with care, precision, and practicality.
A Simple Compliance Checklist for Designated Businesses
To help you get started, here’s a quick checklist of key compliance steps every Isle of Man business should consider:
- Conduct Key Risk Assessments
Identify your specific business risks related to money laundering, terrorist financing and proliferation financing by drafting a Business Risk Assessment, Technology Risk Assessment and Customer Risk Assessment. - Develop AND Regularly Review AML/CFT Policies and Procedures
Draft clear, actionable policies tailored to your business activities and risks. - Implement Training Programs
Ensure staff are trained in AML/CFT requirements and can recognise suspicious activity. - Keep Records Up-to-Date
Maintain accurate and accessible records of customer due diligence, transactions, and internal audits. - Stay Informed (Horizon Scanning)
Regularly review updates to AML/CFT regulations and lessons learned through Thematic Reviews and FSA announcements and adapt your policies accordingly.
Why Choose Us?
We know this checklist might feel like a lot to handle on your own – and it’s really just a starting point. That’s where we come in. With years of experience working with Isle of Man businesses, we’ve developed a reputation for delivering pragmatic, bespoke support that cuts through the noise and focuses on what really matters for your business.
When you partner with us:
- We listen: Your challenges are unique, and we take the time to understand them.
- We simplify: Our solutions are practical, actionable, and designed to reduce overwhelm.
- We support: From initial assessments to ongoing mentoring, we’re by your side every step of the way.
Ready to Simplify Your Compliance Journey?
Compliance doesn’t have to be stressful or expensive. With our tailored support, you can focus on growing your business while we handle the complexities of regulatory obligations.
Contact us today for a free consultation or to learn more about how we can help you meet your compliance obligations with confidence and ease.
