Fact sheet: Money Laundering Regulations 2019 and how they affect letting agents

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.

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11 Apr 2022

Client identity verification

The Economic Crime (Transparency and Enforcement) Act will create a register upon which all foreign owners of UK property must declare their true beneficial ownership and verify their identity with Companies House. Those who do not declare their beneficial owner will be subject to restrictions on the sale of property and may face up to five years in prison.

Guide

04 Apr 2022

FAQs: Economic Crime Levy (UK)

The levy was announced in the Budget 2020 and the Economic Crime (Anti-Money Laundering) Levy Regulations 2022 were published on 11 March 2022. The Regulations came into force on 1 April 2022.

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29 Mar 2022

More transparency on land ownership in Scotland

The Scottish Government is introducing a new Register of Persons Holding a Controlled Interest (RCI) in land on 1 April 2022 which is part of their commitment to improve transparency and will be free to access.

News

17 Mar 2022

Benefits of having a client account

By keeping money ring-fenced from other business activities agents can use a client account for the sole purpose of handling and distributing deposits, rents, and fees and client accounts come in a few guises – designated or pooled/undesignated.

Guide

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