Estate Agents must comply with Anti-Money Laundering legislation and regulations in much the same way financial institutions do. Failing to comply with the regulations may result in financial and legal penalties and could result in estate agents facilitating financial crime, such as money laundering or tax evasion. HMRC, the industry’s regulator for Client Due Diligence (“CDD”) and Anti-Money Laundering (“AML”), recently told Lysis that the money laundering regulations have been in place long enough within the Estate Agent Business and that their approach is now less on warnings and more on penalties.
On 26th June 2017, the UK Money Laundering Regulation 2017 was introduced which has led to the regulations and requirements being revised in several key areas. To ensure they are compliant, Estate Agents must understand the impact of these changes, update existing policies & procedures and implement AML controls throughout their organisation. In addition, all staff need to be regularly trained in relation to these requirements.
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