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

News

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

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…
News

Louise Baxter and Nick Samuels have joined TPO's Independent Board.
News

"There is no point building a dam halfway across a river," say academics as they outline ten ways to close multiple loopholes in the Register of Overseas Entities.
News

Four options to reform AML provision have been proposed by the government.

EXTERNAL LINKS: USEFUL COMPLIANCE RESOURCES

HMRC guidance for estate agents & property brokers

www.gov.uk

Trading Standards Estate Agency Team

www.nationaltradingstandards.uk

Propertymark Knowledge Hub

www.propertymark.co.uk

The Property Ombudsman, compliance code

www.tpos.co.uk

RICS Standards & Guidance

www.rics.org

FCS Compliance

fcscompliance.co.uk

ANTI-MONEY LAUNDERING (AML)

AML Briefings

Feature

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

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 …
Views

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

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…
News

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

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..
Feature

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

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

Video

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

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
News

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

TRADING STANDARDS & ADVERTISING

Trading Standards & Marketing Briefings

News

“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…
News

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

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

Views

John D Wood & Co.'s Head of Lettings, Tanya Hasking, sheds light on the main changes landlords can expect from a raft of reforms targeting the private rented sector.
News

National Trading Standards has updated its rulebook for sales and rental listings, and clarified how estate agents should handle offers.
Views

A considered response to Michael Gove's latest proposals to boost housebuilding, from the Savills ESG and Urban Design teams.
Views

The global executive coach behind some of the biggest names in property looks at seven ways to deliver the levels of service that HNW clients & customers demand.
Views

Beginning a brand new series for PrimeResi, Boodle Hatfield's experts distil the latest legal developments impacting the property sector, and key legislation on the horizon...
Views

When a large, historic estate is being sold out of the family, it's not just an emotional process, it's also a legally tricky one too