Regulatory Alerts2023-07-20
Isle of Man Financial Services Authority Estate Agents Sector Specific AML/CFT Guidance Notes
The Isle of Man Financial Services Authority issued updated guidance to regulate estate agents under the Anti-Money Laundering and Countering the Financing of Terrorism framework. The document mandates comprehensive customer due diligence, including verifying both buyers and sellers, and requires businesses to conduct risk assessments while identifying specific higher-risk indicators and red flags. It further outlines obligations for enhanced due diligence and the reporting of suspicious activities to mitigate money laundering and terrorist financing vulnerabilities in the property sector.
Share