The mutual will now consider certain higher-risk countries, as assessed by the standard-setting body Financial Action Task Force. This will be subject to enhanced due diligence and money laundering reporting officer (MLRO) approval.
Marsden Building Society said “robust checks” would remain in place, while allowing more flexibility for clients whose employment or financial circumstances involve international ties.
The changes are expected to benefit military personnel stationed overseas, charity workers temporarily posted in higher-risk countries with a full referral required, oil workers who reside in the UK for at least 50% of the year, and seafarers whose boats are registered in higher-risk countries but based in the UK and exempt from UK tax.
Applicants receiving gifted deposits from family members residing in higher-risk countries may also be considered by Marsden Building Society under the enhanced list.
The mutual will consider applications linked to the countries listed as higher risk, and these will be considered where there is full disclosure and satisfactory documentation of residency, financial links, and transactions. Incomplete or insufficient evidence will continue to result in applications being declined.
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Jo Cave, head of mortgages at Marsden Building Society, said: “We recognise that many UK residents work in roles that require international travel, or have financial links overseas.
“These adjustments reflect our commitment to providing specialist mortgage solutions for brokers and their clients, and we’re confident that our revised country exclusions list will be a welcome update for our intermediary partners and their clients.”
