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Property Sector

Compliance and Peace of Mind

traceWiseUK AML Checks are delivered online and designed to help you comply with the Money Laundering Regulations 2007 and meet the standards for electronic verification as set out in the Joint Money Laundering Steering Group (JMLSG) guidance.

One of the advantages of using our online Checks is that global PEP and Sanctions alerts are automatically provided and are free of charge. Our Checks also include free validation of UK or international passports; travel visas; EU ID cards; GB driving licences, debit/credit cards and electricity meter numbers (MPAN). For more benefits of online AML Checks, please follow this link.

Property professionals are a particularly attractive target for criminals seeking to disguise or hide the proceeds of crime. The fourth Money Laundering Directive will become law in June 2017 and will almost certainly cover both sales and lettings in that agents would be required to carry out Customer Due Diligence (including ID Verification) on not only buyers and vendors, but also on landlords and tenants.

On 1 April 2014, HM Revenue and Customs (HMRC) became the supervisor of Estate Agency Businesses under the Money Laundering Regulations 2007.

“Estate agency businesses must comply with the Money Laundering Regulations 2007. They must not carry on business as an estate agent unless they register with HMRC. If a person fails to comply with the regulations, they may face a civil or criminal prosecution. This could result in unlimited fines and/or a prison term of up to two years, or civil financial penalties.”

HMRC MLR Guidance for Estate Agents, June 2014.

The Regulations don’t currently apply to letting agents as they are not estate agents under the definition in section one of the Estate Agents Act 1979. However, HMRC has stated that good practice for a letting agent should be to take the same precautions as sales agents. The regulators have just closed the consultation on whether to extend the regulations to lettings industry (see news).

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Contact

traceWiseUK Ltd
71-75 Shelton Street
London WC2H 9JQ 
Tel: 020 7993 2173

Awards

Lettings Agency of the Year Awards - Silver Winner: Lettings Supplier of the Year 2014
The Negotiator Awards Supplier of the Year - Products: Shortlisted 2014, 2015 and 2016