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].
Agents and auctioneers must put in place procedures to anticipate and prevent money laundering. This means preparing a comprehensive written policy statement to show how your business will manage the risks and detail procedures to prevent money laundering. You must also train and support staff to understand and implement these policies.
An Anti-Money Laundering risk assessment covering your clients, your business and how it operates will need to be undertaken. The Government has provided guidance on how to prevent money laundering and terrorist financing.
HM Revenue and Customs (HMRC) has seen a rise in new applications for AML (anti-money laundering) supervision where applicants do not have the required risk management procedures in place which is a barrier to becoming compliant.
AML resources to help members comply
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.
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.