Estate agents are under increasing scrutiny from HMRC for compliance with money laundering regulations. Bovill are working with some of the UK’s largest estate agents to help them understand financial crime risks, and make sure their people understand their AML obligations.
Before handing over responsibility for monitoring the sector in 2014, the Office of Fair Trading gave out fines of nearly £300,000 to estate agents who failed to comply with Anti-Money Laundering (AML) regulations. With HMRC now taking charge of monitoring estate agents’ compliance, the property sector needs to be on top of regulatory developments.
Estate agents’ Money Laundering Reporting Officers (MLROs) should know the Money Laundering Regulations inside out and be confident that all their team are aware of their obligations. They should also be aware of broader regulatory issues – for example the implications of the Bribery Act and Proceeds of Crime Act on estate agency, and how the sanctions regime and rules around counter-terrorist financing (CTF) fit into the puzzle.
Bovill is helping several international property firms with their regulatory compliance. We also have many years’ experience working with real estate funds as well as extensive knowledge of mortgage regulation and home finance.
We can help you identify gaps in your existing systems and controls and get them to the standard expected by the regulator. We can train your management, compliance and front office teams and make sure you know what regulatory changes are coming over the horizon.