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Introduction to Money Laundering & Financial Fraud Seminar 6 October 2005

    The Financial Supervision Commission is holding a one day introduction to Money Laundering & Financial Fraud Seminar on 2nd November 2005.

    The seminar is for all business sectors aimed at either newly appointed or inexperienced staff. It will cover topics including:

    · what money laundering is and how illegal money is laundered;

    · what institutions can do to prevent it;

    · the importance of knowing your customer and establishing identity;

    · recognising and reporting suspicious transactions; and

    · the characteristics of computer fraud.

    The seminar will also provide examples of fraud and money laundering cases that have arisen in the Isle of Man.

    The seminar will be interactive and include two practical sessions exploring issues in a lively and challenging format. The speakers will include Officers from the Isle of Man Financial Crime Unit and the Commission.

    Commenting on this event the Commission’s Head of Enforcement Paul Heckles said “The Commission is keen to work with the industry in ensuring that the Island’s high standards are maintained and assist in promoting awareness in the area of anti-money laundering and identifying financial frauds. The reputational risk of being inadvertently involved in money laundering or financial fraud affects not only the company but the Island as a whole and it is important we work together to raise awareness of the risk areas.”

    Details of the seminar can be obtained from the Commission’s web-site at or on 689300.

    6th October 2005

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