in-business
current affairs
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o you have a question for the current affairs panel? Email: editorial@gallery.co.im
Rossborough Chrystals Q A
62
agenda
Shane Magee
Chairman Chrystals Estate Agents
How important are anti-money laundering laws to the Island’s future?
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he Isle of Man has taken great pains in recent years to position itself as a centre of regulation partly in response to international pressure but more prominently due to the desire to set the global standard for business. Whether you are looking at eGaming or the housing market the importance of solid regulation have never been more obvious. The Isle of Man has applied “Knowing your Customer” (KYC) regulation since 1985, a requirement for estate agents to obtain, retain and utilise information to verify that a customer is who they say they are. In more recent years more comprehensive coverage has been implemented and now estate agents must employ a Money Laundering Reporting Officer and continually review their business relationships and records. We have realised the importance of regulation in protecting the Manx housing market from being used for money laundering or to finance terrorism. One only has to look at the London property market to realise the dangers surrounding the housing market. The Island has made strides recently to improve the regulatory environment surrounding the purchase of property and it is now crucial that estate agents hold themselves and their industry to account.
Q A
Sandra Taylor
Personal Insurance Manager Rossborough Insurance
What changes can I make to my home/ business to make it more insurable in the risk of flooding?
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he latest end of month statistics from the met office show it’s been one of the wettest winters on record in the UK. In the Isle of Man we’ve been struck by a series of storms and flash floods that have had an impact on houses and businesses across the island. The key to reducing flood damage is to take precautions, which with the appropriate planning you can accomplish in a few simple steps. A cheap and simple change you can make to your home or business is to use mortar and masonry cement to fill in any gaps in foundation cracks around the property. When the time comes to replace your roof, we’d also recommend spending a bit more to install rubber roof underlayment, which provides a waterproof barrier under the tiles and protects the roof from leaks in the event of heavy rainfall. Clearing gutters and drains of any organic waste and debris regularly will ensure the systems are clear to carry water away from your home. If you have time, you should also check storm drains on your street as any blockages there can cause water to collect. Finally, a good investment would be to purchase a battery-powered water pump, which can be used in emergencies to quickly and efficiently extract water away from danger. Buying a battery powered pump also means it can be used in the event of a power cut.
ON THE AGENDA