Authority to conduct thematic review of estate agents

The Isle of Man Financial Services Authority (“the Authority”) is currently planning a thematic project involving designated businesses that are registered to carry out the activities of an estate agent. The project is intended to run from 2024 and beyond.

The Authority’s AML/CFT Supervision Division will lead the project to review the selected estate agency businesses as defined in schedule 1 of the Designated Businesses (Registration and Oversight) Act 2015. 

This thematic will focus on certain elements of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (“the Code”). The request for relevant documentation to be provided to the Authority will be sent to selected designated businesses at the same time as they are notified of their part in the thematic project. The nature and scale of the thematic project means that notifications, and the involvement of individual designated businesses, will be staged over a period of time.

Further assistance and guidance on the Code is available on the Authority’s AML/CFT webpage. Useful documents include, but are not limited to the Anti-Money Laundering & Countering the Financing of Terrorism Handbook and the Estate Agents Sector Specific - July 2023.

Ashley Whyte, Head of the Authority’s AML/CFT Division, said: ‘The estate agency sector is supervised by the Authority in respect of AML/CFT/CPF and this thematic exercise presents a great opportunity to gain a better overview of estate agents on the Island, as part of the review and refresh of ML, TF and PF risk assessments for the Isle of Man.’

She added: ‘The thematic allows the Authority to test and evidence how supervised entities are meeting their AML/CFT obligations, and through increased engagement with businesses during the project, we hope to discover and highlight some best practice that can be shared and fed back with the wider industry, as well as updating the AML/CFT sector specific guidance in this area where appropriate. All of this work will add to the Authority’s wider AML/CFT evidential understanding and picture of risk, building on from the outcomes the Authority has recently seen from the Foreign PEP, TCSP BRA, and Accounting Profession CRA thematic projects.’