Isle Of Man FSC To Host Anti-Money Laundering Seminar

by Robin Pilgrim, LawAndTax-News.com, London

30 September 2004

The Isle of Man's Financial Supervision Commission announced this week that it will be hosting a seminar on October 7, designed to provide an introduction to anti-money laundering procedures and financial fraud prevention in all business sectors.

In a statement, the Commission announced that the seminar is aimed at either newly appointed or inexperienced staff only, and explained that:

"Money laundering and financial fraud is a growing threat to businesses. Risk can be reduced through ensuring all staff have good awareness of the concepts of money laundering and financial fraud and the ways in which it is carried out."

Topics covered during the one day meeting will include:

• The definition of money laundering, and some of the methods used;
• Money laundering prevention;
• The importance of know your customer (KYC) requirements and establishing identity;
• Recognising and reporting suspicious transactions;
• Computer frauds; and
• Examples of fraud and money laundering cases that have arisen in the Isle of Man.

According to the FSC statement, Paul Heckles and Paul Mylchreest will be speaking on behalf of the Commission, and Kevin Roper and Chris Cain on behalf of the Manx Financial Crime Unit.

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