‘Flag It Up’ - The New AML Compliance Regime for Estate Agents & Property Professionals
The government has teamed up with property industry experts targeting estate agents who fail to report suspicions of dirty money used to buy properties.
The campaign, called Flag It Up, has been targeting solicitors since 2014 and accountants since 2015, and is now expanding for the first time into the property sector with support from HMRC, which supervises estate agents under the money laundering regulations.
Estate agents who fail to comply could be prevented from trading or even face prosecution, resulting in unlimited fines or a prison term of up to 2 years.
This webinar has been designed specifically with both residential and commercial property professionals in mind, to give you sufficient knowledge about the anti-money laundering legislation and enable you to keep out of trouble.
What You Will Learn
This webinar will cover the following:
- The criminal offences:
- Principal offences
- Failure to report
- Tipping off
- Compliance obligations
- Risk assessment - by the firm and by the individual
- Identifying the customer - legal and beneficial ownership and companies, trusts and ownership registers
- Customer due diligence - source of funds and politically exposed persons
- The penalty regime