At the recent Countering Financial Crime Conference, organised by the Isle of Man Financial Services Authority (FSA), experts from across government and industry – including the Financial Intelligence Unit, FATF and local TCSP’s – emphasised the importance of the Island’s upcoming MONEYVAL assessment.
A recurring theme was the need for auditable data to evidence effectiveness. In her address, Leam Thompson (Barrister, FSA Board Member, and international adviser on financial crime) stressed the importance of delivering a clear, consistent data story as a foundation for a positive MONEYVAL outcome.
The upcoming MONEYVAL assessment isn’t just about policies, it’s about how well you tell your compliance story with data. Assessors will be asking: Can you prove effectiveness, not just technical compliance?
MBS’s solutions give TCSPs (Trust and Corporate Services Providers) and DNFBPs (Designated Non-Financial Businesses and Professionals) the tools to transform fragmented, manual processes into clear, consistent, auditable stories that withstand MONEYVAL scrutiny.
Bad Story vs Good Story
| What MONEYVAL Sees as a ‘Bad Story’ | How MBS Helps You Tell a ‘Good Story’ |
| Unavailable or incomplete data | A single, centralised client file with mandatory fields ensures completeness and removes silos, unshared data, and manual re-keying |
| Inconsistent or aged data | Standardised risk scoring, version control, and audit trails keep data consistent and up to date |
| Insufficient timespan or coverage | Automated reminders for reviews, expiry, and statutory filing deadlines ensure continuity |
| Inconsistent definitions, formats, or measures | Firm-wide templates standardise definitions, units, and reporting formats |
| Failure to link data changes to policies or risk assessments (IO1) | Dashboards narrate how risks drive policy updates and actions, with evidence packs ready for regulators |
| Missing stages in onboarding, CDD, or SAR processes | Automated workflows ensure no step is skipped, with full audit logs from start to finish |
The Result for TCSPs
Improved user buy-in and client experience Confidence that your data tells a clear, consistent story Stronger position in the MONEYVAL assessment Demonstrated effectiveness, not just compliance “on paper” Reduced manual work and operational risk Enhanced reputation for both your firm and the Isle of Man as a jurisdiction A system that adapts seamlessly to regulatory change – with evidence to prove it
Get MONEYVAL ready
You’re Invited:
Join us at MBS ‘Transform’ – a digital transformation event on 1st October at the Comis Hotel, Isle of Man. Learn how to get MONEYVAL ready and experience live demos of our latest audit-ready solutions, designed to help TCSPs build a strong, clear data story.
©2024, MBS Limited
Our Privacy Policy