All estate agents must comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Compliance is supervised by HMRC – and no-one can trade as an estate agent unless registered with HMRC for anti-money laundering supervision. The 2017 regulations have introduced a major change: estate agents must now carry out due diligence measures on both vendors and purchasers.
What challenges do estate agents face?
To avoid breaching the 2017 regulations, you must take the following measures:
- Risk assessment. Conduct an anti-money laundering/terrorist financing risk assessment.
- Policies and procedures. Review your anti-money laundering/terrorist financing policies, controls and procedures. These must be aligned with the findings of your risk assessment, the regulations and HMRC guidelines.
- Compliance. Appoint a Compliance Officer (management status) to ensure that you comply with the 2017 regulations.
- Auditing. Create an independent audit function to evaluate policies, controls and procedures; review their effectiveness; and make relevant recommendations.
How can we help?
Riliance has developed an Anti-Money Laundering pack that is full of valuable information. This includes practical help with the EU’s new Fourth Anti-Money Laundering Directive as well as policy templates and checklists.
If you would like to know more about what we have to offer, please get in touch today and we'll be happy to advise you.