With the next MONEYVAL assessment scheduled for 2026, the Isle of Man is under closer scrutiny than ever. The IOMFSA has already increased outreach and inspections, and it’s clear that our collective preparedness as an island matters just as much as individual compliance efforts.
For businesses operating in regulated sectors, this is not simply a compliance exercise – it’s a chance to show the world that the Isle of Man operates to the highest international standards. Every firm that is well-prepared contributes to the island’s reputation as a responsible, trustworthy financial hub.
The Isle of Man’s last MONEYVAL assessment was in 2016. Since then, significant progress has been made to enhance the island’s AML/CFT framework, including:
- Comprehensive updates to the National Risk Assessment (NRA), offering deeper insights into high-risk areas.
- Reforms to beneficial ownership rules, Companies Registry processes, and criminal justice measures.
- The formation of a dedicated MONEYVAL Preparation Group to ensure coordinated efforts.
- An “all-island” communication strategy under the banner of Countering Financial Crime – An All-Island Approach.
These efforts reflect both the government and private sector’s commitment to aligning with global best practices. But MONEYVAL’s review is not just about government policies – businesses across all regulated sectors will be in focus.
Learning from Jersey’s Success
Jersey’s recent MONEYVAL evaluation is often held up as a model example. It achieved the highest rating of any international finance centre in the last round, and the reasons are clear:
- Cross-sector collaboration – Firms, industry bodies, and regulators worked together well ahead of the assessment.
- Regular, transparent communication – Clear messaging kept all stakeholders informed and aligned.
- A long-term approach – Compliance wasn’t treated as a last-minute rush but as a sustained focus over time.
- A strong risk culture – Businesses could confidently demonstrate their AML/CFT controls in action, not just on paper.
The Isle of Man can achieve the same success if businesses prepare early, engage with guidance, and take a proactive approach.
Get a Fresh Perspective on Compliance Frameworks
Our Compliance Health Check is designed to help firms take a fresh, objective look at their current compliance frameworks. We:
- Identify gaps in your AML/CFT procedures, documentation, and risk assessments.
- Review readiness for both IOMFSA inspections and MONEYVAL expectations.
- Provide a tailored roadmap that prioritises practical, manageable improvements.
This is not about adding unnecessary complexity. It’s about building confidence – for your business, your sector, and the island as a whole.
Your MONEYVAL Readiness Checklist
To make sure your firm is inspection-ready, consider these key areas:
1. Understand the National Risk Assessment (NRA)
The updated NRA will set the tone for regulatory focus and high-risk areas. The Terrorist Financing (TF) NRA was published earlier this month and will be followed by the assessment of TF in relation to Non-Profit Organisations specifically. The ML report is expected to be finalised and released in the autumn, while the PF risk assessment is timetabled for publication in late 2025.
Action: Familiarise yourself with the findings and align your Business Risk Assessment (BRA) and Customer Risk Assessments (CRA) accordingly.
2. Strengthen Your Documentation
MONEYVAL assessors look for evidence of effectiveness, not just policy documents.
Action: Review your AML manuals, policies, and records to ensure they are consistent, up to date, and reflective of your real-world practices.
3. Prepare Senior Management
Some firms may be interviewed by the MONEYVAL team.
Action: Make sure senior staff can clearly explain your AML/CFT approach, risk understanding, and the effectiveness of your controls.
4. Monitor Regulatory Updates
The pace of change will increase between now and 2026.
Action: Assign a compliance lead to track IOMFSA guidance, attend webinars and update your team regularly.
5. Foster a Culture of Compliance
Effective compliance is cultural, not just procedural.
Action: Make AML/CFT awareness a standing agenda item and provide regular, practical staff training.
Common Pitfalls to Avoid
Through our work with clients, we see recurring challenges that can hold firms back during inspections:
- Relying on outdated frameworks. A 2016 compliance manual will no longer meet today’s standards.
- Tick-box approaches. Assessors want to see evidence that policies are applied and understood – not just written down.
- Weak documentation. Without clear records, even good AML/CFT practices are difficult to prove.
- Lack of sector-specific risk awareness. High-risk areas such as e-gaming and cross-border transactions require tailored controls.
By addressing these pitfalls now, you can avoid last-minute stress and build a compliance framework that stands up to scrutiny.
Pulling Together for the Island’s Reputation
MONEYVAL isn’t just a regulatory milestone; it’s a chance to demonstrate the Isle of Man’s commitment to being a safe, responsible, and globally respected financial jurisdiction. Every business that prepares well helps the island achieve a stronger overall result.
When firms across sectors – finance, legal, accounting, gaming, and beyond – take compliance seriously, we present a united front that enhances trust and credibility worldwide.
How We Can Support You
Our Compliance Health Check is a practical way to ensure your business is ready:
- We review your policies, risk assessments, and controls.
- We identify key areas for improvement.
- We provide a clear, actionable plan for enhancing your compliance framework.
Whether you’re looking for a high-level gap analysis or a deeper dive into your AML/CFT controls, our team can help you prepare with confidence.
Take the First Step
The countdown to MONEYVAL 2026 has already begun. Now is the time to take stock of your compliance, avoid common pitfalls, and strengthen your firm’s approach.
By acting early, you not only protect your business – you help the Isle of Man shine on the global stage.
Contact us today to book your Compliance Health Check and take the first step toward readiness.
