Statement to Intermediaries from the Manx Insurance Association

Following amendments made last year, Isle of Man Government Insurance and Pensions Authority ('IPA') has made further changes to its Anti-Money Laundering Common Trading Practice for Insurance Businesses. Details of the main impacts of these further amendments are outlined below. Additionally, it is important to note that these requirements are, with immediate effect, to be known as the Anti Money Laundering Standards ("The Standards"). The IPA regulates all MIA members who will be required to comply fully with the changes which will apply from 31 March 2003.

Brief details of the changes are as follows.

• Certification of Client-ID documentation
• Suitable Certifier - insurers may still accept copy ID documentation certified as a true copy by a relevant employee of an Introducer. However, if the Introducer is not regulated in a FATF jurisdiction, then the certifier must have been approved in writing by the Insurer. IOM Insurers will shortly be contacting all unregulated Introducers to obtain copies of their employees' own personal ID, including proof of address (see below) in order that their relevant employees may be approved as a certifier.
• Form of certification - copy ID documentation must be signed and dated by the certifier who should also print their name in block capitals under the signature and include a statement that the copy is a true copy of the original.



• Proof of residential Address - will now be required as part of the client-ID. This will normally take the form of -a utility bill, supplied in addition to the passport /national identity, but in exceptional circumstances other evidence may be acceptable.



• Retrospective Review - Insurers will be required to review all existing clients and, where necessary, the Insurer will be required to obtain up to date Client ID. Client ID will be required if any additional premiums are paid and before any monies are paid out (if this has not been obtained previously). Depending upon the circumstances (usually the country of residence of the policyholder) Client ID may be required immediately.

The above outlines the main changes to the Anti-Money Laundering Standards. Full details can be found on the IPA's website : www.gov.im/ipa (select 'Insurance' , then 'Regulations and Guidance', then 'AML Guidance')

The revised Anti-Money Laundering Standards emphasise the IOM Government's determination to maintain the highest possible international standards.

MIA members will be contacting you shortly to let you know of any changes to their procedures and also, if appropriate, regarding approval of suitable certifiers.