01 May Don’t fall foul of AML legislation
The Government’s new Anti-Money Laundering Directive comes into force on 26th June – are you prepared?
The 4th Money Laundering Directive is now law. As an Estate Agent, this means you are be required to carry out comprehensive Anti-Money Laundering (AML) checks on your buyers as well as your sellers. You need to be sure you have systems in place and staff fully trained – or alternatively you could outsource it at no extra cost!
The new law brings the UK in line with the EU Directive on money laundering and terrorist financing. Some may think that with Brexit, legislation won’t apply but this is simply not the case. Regardless of the EU, these laws are important in helping the UK safeguard its financial systems into the future.
From 26th June 2017, all Estate Agents are required to
- carry out ID checks on their buyers and sellers including vetting for Politically Exposed Persons (PEPs)
- obtain proof of funds
- ensure all staff are aware of their obligations and are fully trained to carry them out
- be able to provide evidence to the regulators that you have a robust process is in place to manage these checks thoroughly and consistently
- appoint a Money Laundering Reporting Officer (MLRO)
Failure to do this could make you culpable regardless of whether illicit funds have passed through your business.
This new legislation may put considerable extra pressure and cost on you, the Estate Agent who is already stretched in an unpredictable market. Recognising that this is an administrative and financial headache you could do without, ASAP have come up with a solution.
Our out-sourced Sales Progression service is all about freeing you up to do what you do best, selling houses. As an extension of our service, we now include as standard free, fully compliant AML checks to all our clients. What is more, it is already in place so you don’t need to set up new systems and you don’t need to invest in training staff. In short, you don’t need to worry.