Estate Agents learn of new obligations

October saw the start of new anti money laundering legislation for Estate Agents

We held a seminar informing local Estate Agents that they would be required by 8 October 2008 to put procedures in place for customer due diligence, record-keeping, internal reporting and training relating to anti-money laundering - not formerly required. This came as a shock to many of them.

The agents will have to register themselves with the Guernsey Financial Services Commission by the 8th October and will be required to appoint a member of staff as an anti-money laundering officer to ensure that the appropriate procedures are put in place and adhered to.