BE PREPARED.
ARE YOU MEETING YOUR LEGAL OBLIGATIONS?
HMRC is cracking down on businesses that breach the government’s Money Laundering Regulations (MLR), with inspections and the severity of penalties issued rising dramatically.
To adhere to the law and satisfy the Regulator, every business under the MLR is at a minimum legally required to:
- Register with HMRC
- Establish an Independent Audit Function – to examine its compliance with the legislation (Regulation 21)
- Conduct effective Customer Due Diligence
- Have a firm-wide AML Policies and Procedures in place (Regulation 19-21)
- Have a firm-wide AML Policies and Procedures in place (Regulation 19-21)
- Have a firm-wide AML Risk Assessment in place (Regulation 18)
- All relevant employees must attend and keep up to date with AML training (Regulation 24)
- Keep accurate AML records of such matters as training content and attendees, CDD, suspicious activity, etc
- Appoint a qualified, independent, adequately supported Nominated Office / Money Laundering Reporting Officer
- Agents must adhere to the latest HMRC guidance regarding trusts involved in the acquisition of UK land or property since 6 October 2020.
Find out more and get advice with FCS Compliance
Compliance news
Letting agents urged to get ahead of new sanctions rules
Failure to comply could lead to big fines or even criminal prosecution.
Bangladeshi corruption investigations raise alarm over London property market
'This is a test for the UK government to demonstrate it can fulfil its ambition of being the anti-corruption capital of the world,' says Transparency International.
FCS Compliance launches free AML reminder service
'AML Protect' aims to help businesses avoid one of the biggest drivers of HMRC AML fines
London letting agent shines a light on the ‘uphill struggle’ against rental fraud
'Whilst digital and AI technology has evolved rapidly, rogue tenants have also evolved with it, becoming increasingly more inventive in how they trick the system,' warns Benham and Reeves.
Knight Frank rolls out Home Owner’s Passports to ‘transform the way properties are sold’
A tech-led compliance partnership represents 'a leap forward in the use of upfront information in property transactions', says Teal Legal.
EXTERNAL LINKS: USEFUL COMPLIANCE RESOURCES
HMRC guidance for estate agents & property brokers
Trading Standards Estate Agency Team
Propertymark Knowledge Hub
The Property Ombudsman, compliance code
RICS Standards & Guidance
FCS Compliance
ANTI-MONEY LAUNDERING (AML)
AML Briefings
AML Essentials: Property agents’ five most-asked questions on anti-money laundering compliance
AML expert Caroline Walters answers the five most frequently asked questions put to FCS Compliance in 2022 for the property market…
The Register of Overseas Entities is now in play; here’s what property pros need to know
Designed to "root out corrupt elites using UK property to launder their illicit wealth," the Register of Overseas Entities has officially launched, requiring more transparency for UK property transactions…
Overseas Entities: The real estate effect
The effects of the Economic Crime Act will be felt far and wide across the UK real estate industry, writes Nathan Rees.
Unexplained wealth orders: How is the British law changing and will it stop dirty money circulating in London?
The Economic Crime Act allows the government to convey the impression that it is ‘doing something’ about the proceeds of kleptocracy being laundered in the UK - but far more fundamental and far-reaching…
New money laundering regulations are now in play
New anti-money laundering rules have come into force, affecting estate agents, high-end letting agents, solicitor, banks and lenders.
Who will watch the watchmen: On dirty money & estate agency
The government is finally stepping up the fight against the tide of 'dirty money' flowing through the UK property market, but estate agents shouldn't be the first line of defence, argues Saul Empson...
PEPs, SARs & MLROs: An A to Z of Anti-Money Laundering
As "gatekeepers", estate agents play a crucial role in the UK Government's ongoing efforts to stamp out money laundering and terrorism financing.
Required Reading: Lifting the secrecy behind offshore companies
Julie Howard explains how the new rules around overseas entities will work in practice, and why the idea of hiding behind asset holding vehicles is becoming a thing of the past
DATA PROTECTION (GDPR)
GDPR Briefings
Watch: GDPR explained in three short videos
On 25 May 2018, the General Data Protection Regulation (GDPR) will come into force, overhauling data protection law across the EU, including the UK.
Is your agency open to large fines under GDPR?
Many firms are still not adhering to the rules around data protection, which could result in costly penalties in the event of a complaint, writes cyber security specialist Colin Tankard
LonRes launches new GDPR compliance services
LonRes has partnered with iCompli to help property agents manage clients' personal data.
TRADING STANDARDS & ADVERTISING
Trading Standards & Marketing Briefings
‘POA’ listings banned as Trading Standards deems price-less properties ‘unlawful’
“The use of ‘POA’ or ‘price on application’ in relation to a listing on a property portal or an agent website is likely to be misleading as it withholds – or in some cases masks – the asking…
Trading Standards mandates new ‘Material Information’ for all property listings
Estate agents must include prices, council tax bands and tenures on property portal listings.
Leaving properties in portals – sharp practice or an offence?
Advertising a property as being available but then telling callers that they cannot view it because it is SSTC is a classic example of bait and switch, says David Smith
REGULATION OF ESTATE AGENTS (ROPA)
Coming Soon
MORE REFERENCE BRIEFINGS
Required Reading: No surprise measures in the Chancellor’s Spring Statement
Mishcon de Reya's Private Wealth & Tax team explain what the government's Spring Statement means for high net worth individuals & business owners.
BNG a Year On: How have biodiversity net gain rules affected the property development landscape?
'Naturally, some challenges & potential for refinement have been identified,' concludes Carter Jonas after analysing the implementation, variation & future challenges of Biodiversity Net Gain policies.
Required Reading: What property owners need to know about incoming empty home Council Tax premiums
New relief exemptions only apply if the property is up for sale, writes lawyer Matt Crawford.
Required Reading: Six key elements of the new Planning & Infrastructure Bill
Carter Jonas' Head of Planning & Development talks us through some major proposed changes to the planning regime.
Government heralds ‘beginning of the end for the feudal leasehold system’
New leasehold flats are to be banned, with commonhold promoted as the 'default tenure'.
Net zero & historic buildings: 7 key unknowns & 6 important questions for policy-makers
Improving the energy-efficiency of older homes is a vital part of the march to lower carbon emissions & combatting climate change.