PrimeResi has teamed up with AML specialists FCS Compliance to offer essential guidance on how to avoid fraud in the property market, and how agents can prepare for a possible HMRC inspection.
Our first FREE online AML guidance session is TOMORROW (Tuesday 21st March, at 10am). Sign up now for a complimentary webinar with AML guru Malcom Driscoll of FCS Compliance. Find out more and reserve your place here
The second event is specifically for interior designers, with art market and AML expert Rena Neville; it will take place next week (Monday 27th March). Find out more and reserve your free place here
Malcom Driscoll of FCS Compliance, in conversation with PrimeResi: “I know many property professionals consider anti-money laundering regulations time consuming, a necessary evil and a hindrance, without fully realising the perils of not complying and that ‘never having had a problem’ must mean that they therefore are not at risk.” Read the full interview here
HMRC Inspections – Are you ready?
Property market AML guidance for estate agents & property brokers, with Malcolm Driscoll of FCS Compliance: What to expect and how to prepare for an HMRC Inspection.
The number of AML compliance interventions by HMRC inspectors rose by 225% between 2021 and 2022, and so too did the financial penalties incurred by estate agency businesses – 132 in 2021 to 2022, compared to 20 in the previous year. And pressure on the sector continues to rise in 2023.
- What: Live webinar event
- When: Tuesday, 21st March 2023, 10:00 – 11:00 GMT
- Where: Online
- Cost: Free
- Find out more: Here
BOOK NOW: Monday 27th March 2022
AML Compliance Guidance for Interior Designers
Art market AML guidance with Rena Neville of FCS Compliance: Are you bound by the same UK Anti-Money Laundering Regulation as the art market?
As an interior designer it is critical to be able to demonstrate a robust understanding of your AML obligations as well as the risks of the business during an HMRC Intervention.
- What: Live webinar event
- When: Monday, 27th March 2023, 10:00 – 11:00 GMT
- Where: Online
- Cost: Free
- Find out more: Here
Further Reading
In conversation with PrimeResi last week, FCS Compliance’s Malcolm Driscoll shared several important insights that can help luxury property agents combat fraud…
What property agents need to know: AML guru Malcolm Driscoll on spotting red flags & closing the door on corrupt money (Interview, March 2023)
11 money laundering red flags: Risky behaviour property brokers should look out for
- Lack of “face-to-face” contact
- Use of complex opaque company structures
- Use of intermediaries or third parties
- Cash purchases
- Reluctance to confirm source of funds or provenance of funds
- Higher risk jurisdictions
- Purchase of a property outside the profile of the customer
- Purchase and immediate sale of a property, not used for its stated purpose
- Client/customer conversant with Money laundering issues
- Reluctance to meet or have correspondence sent to home address
- Seller taking way below the market value/Buyer paying over the odds
Read more at PrimeResi’s new Compliance Hub: primeresi.com/resources/compliance-hub
