Guernsey Estate Agents Combat Crime and Terrorism.

FATF AML CFT CDD PEP  FT MLRO GFSC

These acronyms may be familiar to anybody working in the finance industry but it is only recently that the Guernsey estate agents have been learning what these initials stand for as they fall into line with global standards laid down by the Financial Action Task Force, the international, inter - governmental body that combats money laundering.

The latest Anti Money Laundering and Counter Financing of Terrorism legislation means that if you are selling or buying a house, your agent should be carrying out Client Due Diligence which verifies your identity and place of residence by asking for photographic identification and perhaps a utility bill.  In almost all cases this is all that is required.  There will be just a few instances where properties bought or sold by complex company structures, trusts or by Politically Exposed Persons will require enhanced due diligence.

Matthew Brouard, director at Cooper Brouard and the company’s Money Laundering Reporting Officer says “ This new strand of the law burdens agents with increased responsibility and administration but it is important for us to be part of Guernsey’s fight against money laundering and Financing of Terrorism.  With the help of the Guernsey Financial Services Commission we are putting in place simple procedures to meet the new requirements and we hope that our clients will not be inconvenienced ”.

 

Click on the links below to read our property articles.

Guernseys New Inheritance Law. >>

Guernsey Estate Agents Combat Crime and Terrorism. >>

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