Money-laundering review into island estate agents

A review of how well estate agents guard against money laundering has been released. 

The Isle of Man Financial Services Authority visited 12 local businesses for inspections. 

It aimed to assess how well the businesses complied with legislation. 

The report says it's an important sector, with transactions totalling £532 million in 2023. 

It concludes while firms showed a high level of diligence and awareness of compliance requirements, customer risk assessments were lacking and treated as "tick-box" exercises. 

Fifty-percent of firms were found to have properly recorded customers' activity in line with regulations. 

You can read the full report here.