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

Government chalks up a win as Companies House says its focus remains on 'rigorously enforcing compliance.'

Proposals are the latest attempt to thwart corruption in the property sector.

Customer Due Diligence is high on HMRC’s radar right now, says FCS Compliance, and Art Market Participants - including some interior designers - are in the firing line.

FCS Compliance presents: "HMRC Interventions & Avoiding Penalties - Practical guidance for the art market on ensuring AML compliance"

In the ever-evolving landscape of data protection regulations, estate agents in the UK are urged to familiarise themselves with the Privacy & Electronic Communications Regulations, as they impact marketing…

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

ANTI-MONEY LAUNDERING (AML)

AML Briefings

AML expert Caroline Walters answers the five most frequently asked questions put to FCS Compliance in 2022 for the property market…

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 …

The effects of the Economic Crime Act will be felt far and wide across the UK real estate industry, writes Nathan Rees

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 ref…

New anti-money laundering rules have come into force, affecting estate agents, high-end letting agents, solicitor, banks and lenders.

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..

As "gatekeepers", estate agents play a crucial role in the UK Government's ongoing efforts to stamp out money laundering and terrorism financing

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

On 25 May 2018, the General Data Protection Regulation (GDPR) will come into force, overhauling data protection law across the EU, including the UK

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 has partnered with iCompli to help property agents manage clients' personal data.

TRADING STANDARDS & ADVERTISING

Trading Standards & Marketing Briefings

“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 price from co…

Estate agents must include prices, council tax bands and tenures on property portal listings.

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

Academics from Oxford University explore the purpose and practicalities of the government's latest environmental policy - which will have a major impact on property developments.

'Quantifiable biodiversity net gain targets at 10% provide helpful clarity for developers to demonstrate the biodiversity benefits of schemes transparently,' says Knight Frank of new rules affecting housebuilders

Dorcas George-Jones of top-end construction and design firm Castellum chats to colleagues Victoria Evans and Lee Boileau about the challenges and opportunities of the 'retrofit boom', including a particularly…

A blend of online marketing and lead generation strategies is crucial for estate agents, says nurtur.group's COO.

Providing prospective buyers or tenants with more up-front information about a property should result in shorter transaction times and fewer fall-throughs.

Cyber attacks and claims are on the rise, and estate agents need to be prepared, warns Paul Offley of The Guild of Property Professionals.