LondonCDD

Recently, governments and regulators have dramatically increased the requirements imposed on estate agents in relation to regulatory compliance. Priority is now given to curbing all aspects of financial crime, especially money laundering. Consequently the UK laws require estate agents to police customers and transactions, viewing them under the microscope of Client Due Diligence. To ensure this is performed to a standard acceptable to HMRC and other regulatory bodies, detailed guidance has been given on the policies, processes, assessment methodologies that should be adopted, glued together with a minimum level of understanding required. “HMRC takes failure to comply with the Money Laundering Regulations extremely seriously, and we carry out regular checks to ensure customers are correctly following the rules.” – HMRC Spokesman Industry experts suggest that nearly a fifth of estate agents (19%) have been fined for anti-money laundering breaches and that the average fine was £11,842. This is complex. It is concerning for many who are anxious about their internal processes, level of understanding and resolving the questions generated by transactions in day to day business life. We provide a complete solution.