Designated Business registration License in Isle of Man

• Virtual asset services (e.g., exchange/brokerage/custody) where no separate FSA licence is required

• Accountancy, audit, tax advisory; legal professionals (in scope parts)

• Estate agency, payroll & company service providers (where not already licensed)

• Other DNFBPs per local law

• Local entity and registered office; mind & management commensurate with activity

• Fit & proper controllers/directors; competent MLRO and Deputy MLRO

• Business Risk Assessment (firm‑wide) and customer risk assessment methodology

• AML/CFT programme: CDD/KYC, EDD for higher risk/PEPs, sanctions screening, ongoing monitoring

• Policies for recordkeeping (≥5 years), data protection, complaints handling

• Outsourcing/vendor oversight; cybersecurity and incident response (proportionate)

• Periodic compliance monitoring and reporting to IOMFSA; STR/SAR filing to the FIU

Core local team (indicative):

• Senior Management / Director (on‑island)

• Compliance Officer & MLRO (with Deputy MLRO)

• Operations lead (e.g., exchange/custody/client services)

• KYC/Onboarding analysts; Finance/Accounting (can be outsourced with oversight)

• KYC/IDV tools; sanctions/PEP/adverse media screening

• Transaction monitoring & case management (risk‑based)

• Registers: customer, training, incidents, complaints; audit trails & retention

• Clear T&Cs and disclosures; conflicts of interest management

• Vendor/outsourcing due‑diligence pack; SLAs and KPIs

Domestic authorisation for Isle of Man operations; cross‑border services subject to destination rules.

• Corporate income tax: 0% standard (most companies).

• No capital gains tax; no stamp duty on share transfers (with exceptions).

• Payroll and other local taxes per Isle of Man law.

• Operational bank accounts on‑island or with UK/EEA partners.

• Client asset arrangements as disclosed; segregation where applicable.