The Latest Guidance on AML Compliance for Estate Agents & Property Professionals - What’s New?
There has been a marked increase in AML enforcement action taken by HMRC against UK estate agents since the start of 2018.
Aside from stiff penalties, reputational damage can be significant. Although an estate agent’s AML policy and procedures may be comprehensive, the day-to-day practice of customer due diligence (CDD) can be challenging, particularly when there is demand for expedient sales.
Businesses that engage in lettings activity will now also further find themselves facing AML requirements from 10 January 2020.
The purpose of the webinar is to bring estate and lettings agents and their advisors up to date with developments in the world of AML in the past 12 months and to ensure that you can be confident in applying CDD.
What You Will Learn
This webinar will cover the following:
- What kind of business falls within the regulated sector, with a particular focus on the inclusion of lettings activity from January 2020
- Risk assessing a client at the outset - how to do it, what you should look out for and the guidance you should take into account
- Whether you should be relying on CDD conducted by another business - including when and how
- What to do when you partner with another estate agent business and they will not disclose full details of the purchaser
- What ‘ongoing monitoring’ means in practice
- How to write a SAR
- Estate agent AML case studies - we will talk you through the approach to CDD using real-life case examples
This pre-recorded webinar will be streamed at 12:30pm on Tuesday 28th January 2020 and will remain available to view by delegates who have registered by then for 90 days.