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
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.
30% jump in Suspicious Activity reported by estate agents
'While SARs submissions from estate agents have grown, so have the risks posed by fraud and money laundering, warns Thirdfort.'
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
English councils & planning set to be transformed under ambitious devolution plan – an expert explains
Policy studies academic Dr Jack Newman explores 'some of the most consequential reforms of recent times, signalling a long-term settlement on how England is governed.'
NPPF 2024: Eight key planning policy changes & points of note
Savills highlights important changes to the National Planning Policy Framework affecting housebuilders in England, following the government's 'landmark overhaul' of the planning system this week.
Government unveils ‘landmark overhaul’ of the planning regime
'Today’s landmark overhaul will sweep away last year’s damaging changes and shake-up a broken planning system which caves into the blockers and obstructs the builders,' says Housing Secretary Angela…
Real Estate Legal Digest: An essential guide to the latest developments shaping the UK property market
Stay abreast of the key policies & issues impacting the real estate sector with PrimeResi's regular legal briefing, prepared by Boodle Hatfield's team of experts.
RICS adds ‘crucial updates’ on AI & ESG to Red Book standards
'The new update reflects the swift pace of change in the industry, particularly in regard to the increasing use of AI in valuations,' says RICS President Tina Paillet.
Mapped: England’s most vulnerable areas to extreme weather
Insurance firm AXA has worked out which locations are at highest risk of climate change-induced flooding and extreme heat - and calculated the potential costs...