Revised AML/CFT Guidance Notes

Published: Thursday, 03 February 2022

The OFT has revised its AML/CFT Guidance Notes for:

  1. Real Estate Agents & Letting Agents; and
  2. High Value Goods Dealers

The updated Guidance Notes are available from our website and now cover the following in more detail:

  1. Guidance regarding which parties to a transaction REAs need to carry out Customer Due diligence measures (REA Guidance Notes, Section 6.4);
  2. Updated guidance about source of funds and source of wealth (section 6.13/14); and
  3. Various references to Targeted Financial Sanctions including a new Section 8 dedicates to REAs’ sanctions obligations.

We hope that these updates will be useful to the OFT's regulateed entities and assit them to eet their AML/CFT obligations.

The OFT also wished to remind its Regualted Entites that there are also numerous other useful Guidnce Notes and documents on the OFT's website: 

If there are any areas in relation to which you require guidance or clarification, and these areas are not already covered in AML/CFT Guidance Notes or the other guidance documents on our website, please let us know.