The Isle of Man Financial Intelligence Unit (FIU) has acquired OpenCorporates’ data to support its mission ‘to protect the integrity of the Isle of Man’s financial system’.
As part of this remit, the FIU aims to use OpenCorporates’ data to help detect financial crimes such as money laundering, as well as terrorist financing. This helps them satisfy the Financial Action Task Force’s expectation that regulators use all available information. A key part of the FIU’s work is to receive and analyse thousands of Suspicious Activity Reports (SARs) submitted by regulated firms.
The FIU chose to use the OpenCorporates API as part of a wider digital transformation programme to enhance their investigations and create operational efficiency.
Role of company data
The Isle of Man FIU intends to use OpenCorporates’ data in the following ways:
- Enabling proactive investigations
The FIU uses graph databases to allow its officers to visually map out companies, the relationships between them and the individuals related to them. By combining its own data with OpenCorporates’ coverage of companies across 140 jurisdictions outside of the Isle of Man, the FIU will increase its ability for proactive investigations.
- Streamlining the SAR reporting process
The FIU intends to connect OpenCorporates’ data to Themis, its online reporting mechanism, to streamline the SAR reporting process. This will reduce some of the manual effort needed when compliance officers or others make disclosures to the FIU.
- Providing global insight as data
The data will help the FIU’s investigations by providing company data from across the world, which can be used to complement their existing data and provide insights about companies from other jurisdictions much more quickly.
We at OpenCorporates are proud that our data will support the important work of the Isle of Man FIU.
You may also be interested in…
- Podcast: Transparent company data & investigations
Hear from the CDO of the US Treasury’s Office of Terrorism & Financial Intelligence on the role of transparent company data in investigations
Listen to podcast >