Agents and auctioneers must put in place procedures to anticipate and prevent money laundering. This is done to reduce the risk that criminals may exploit your business for financial crime.
AML, what you need to do
HM Revenue and Customs (HMRC) are the Anti-Money Laundering (AML) supervisors for estate agents and other business areas. Their role is to ensure that the companies they supervise are complying with their obligations under the legislation and they maintain a register of their supervised population.
It’s an offence to trade as an estate agent unless you’re registered with HMRC for AML supervision.
There is a requirement under the regulations to have a nominated person within your business to act as a Money Laundering Reporting Officer (MLRO) and where applicable also nominate a Deputy MLRO.
We can provide our members who are MLROs with legislative updates and other useful information, just download our MLRO form and email it to [email protected].
Prepare a comprehensive written policy statement to show how your business will manage the risks and detail procedures to prevent money laundering. Train and support staff to understand and implement these policies.
Finally, undertake an Anti-Money Laundering risk assessment covering your clients, your business and how it operates. The Government has provided guidance on how to prevent money laundering and terrorist financing.
Our stance on AML
Money Laundering Regulations require that any business at risk of being used for money laundering by criminals and terrorists have measures in place to minimise the risk of this happening.
Money Laundering Regulations
It’s a criminal offence to trade as an estate agency business without being registered with HMRC for money laundering supervision. Make sure you know the rules, risks and ensure that criminal gangs or unscrupulous individuals are not using your business to exploit their ill-gotten gains.
It’s a criminal offence to trade as a high value dealer or property auctioneer without being registered with HMRC for money laundering supervision. This guide will help protect your business and ensure you understand the rules.
On 20 December 2019, the UK Government introduced the Fifth Money Laundering Directive. The extent and application of the Regulations apply to all letting agents working in the UK.
Customer Due Diligence
Our Identity Verification Form will assist you in collecting the important information you need about the vendor and the property or land to be sold. Use the form to tick off the appropriate checks and comply with the money laundering regulations.
Propertymark Passport is an exclusive benefit for NAEA Propertymark and NAVA Propertymark members. It enables you to verify customers' identities and supports your compliance with the Money Laundering Regulations.
This Home Office guidance on examining identity documents will assist you in spotting forgeries and altered documents.
Training courses on AML
This foundation course will provide you with the knowledge you need to ensure compliance with Money Laundering Regulations and the Proceeds of Crime Act.
Get the knowledge needed to ensure that you can competently undertake the duties of a Money Laundering Reporting Officer (MLRO).
Raise your awareness of money laundering activities and better equip yourself to minimise the risks by knowing what to look out for.
Are you on the right track?
Utilise our resources to help you validate your documents and processes for peace of mind that your buisness is compliant.
We’ve partnered with Financial Crime Services to offer anti-money laundering (AML) health checks to NAEA Propertymark members so that you can be confident that your business is meeting all its (AML) obligations?
We have developed an Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) Questionnaire to help you highlight possible areas for improvement in your business.
Art market participants (AMPs) are currently assessed as high risk for money laundering, and to assist with identifying the risks, the UK Government has issued risk assessment information covering key areas for carrying out supervised business activities.
HMRC has published a self-assessment of its money laundering supervisory performance, which is broadly in line with the relevant Money Laundering Regulations and OPBAS sourcebook, however stating there was room for improvement.