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.
The National Risk Assessment of Money Laundering and Terrorist Financing 2020 report was published yesterday, 17 December, increasing estate agents from low to medium risk as well as introducing letting agents as medium risk.
We welcome improved Joint Money Laundering Steering Group (JMLSG) guidance on Pooled Client Accounts (PCAs) following our response to their review and sustained engagement with HM Treasury and UK Finance to make it easier for letting agents to meet their legal obligations.
The Intelligence and Security Committee of Parliament issued their report on 21 July on Russia, highlighting the problems estate agents are faced with in combatting financial crime activity in property markets.
The future of Anti-Money Laundering (AML) enforcement has yet to be decided in the UK-EU talks and agents should ensure their current processes are up to date to be ready for any changes to AML laws as a result of Brexit.
We responded to the JMLSG proposed draft guidance on Pooled Client Accounts outlining that the banks' expectations of letting agents do not coincide with the legal requirements for Anti-Money Laundering (AML) and Client Money Protection (CMP) regulations.
Registration for UK letting agencies is now open with Her Majesty’s Revenue & Customs (HMRC) who are the supervisory body for the property sector.
Businesses whose annual fees for money laundering supervision are due between 1 May and 30 September 2020 may apply to HMRC for a six-month break or deregister if they have ceased trading due to Coronavirus.
HMRC has written to agents, outlining the continuing - and in some cases increased - risks of money laundering and terrorist financing, as criminals may attempt to use the financial turmoil caused by COVID-19 to their advantage.
The Money Laundering Regulations 2019 passed into UK law on 10 January 2020, which include requirements for additional ownership checks and Enhanced Due Diligence.
The Money Laundering Regulations 2019 passed into UK law on 10 January 2020, affecting those working in property auctions, sales as well as lettings and high-value dealers.
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.
The Money Laundering Regulations 2019 has passed into UK law, affecting both the sales and lettings sector.
From today, 10 January, all letting agents who manage properties which, individually, yield an income of 10,000 Euros per month (or equivalent) or more, must now comply with regulations set out in the Fifth Money Laundering Directive.
The fees that estate agents will pay for Anti-Money Laundering (AML) supervision are changing.