The Isle of Man Financial Services Authority has updated its guidelines in respect of regulated entities that check criminal records.

The 'vetting guidance' is supposed to describe the way in which a regulated entity, or an applicant to become a regulated entity, may check for criminal records of its controllers and 'key persons.'

If individuals have any spent convictions, they ought to be disclosed but not necessarily on the actual 'key person' form. The regulator will underatake a credit check using a reputable credit check agency in the UK.