Know your client requirements

With effect from early 2008 (the date has yet to be finalised, but likely to be 19 February), all law firms in Jersey will be obliged to carry out additional ’know your customer’ checks on all persons wishing to buy or sell real property or business entities.

The likely effect of this on local residents wishing to buy or sell a Jersey property will hopefully be minimal, but purchasers and vendors should expect to be asked additional questions and to provide additional documentation to prove their identity.

Jersey has decided to take a risk-based approach and each client will be assessed individually. It is expected that the majority of local residents buying and selling property which is to be their main residence will be classed as low risk. In such circumstances it would be usual for individuals to be asked to provide a copy of their passport or driving licence and a utility bill or bank statement. For companies and other entities looking to transact, different documents will be required on a case by case basis.