New year, new… regulations

Posted on 24th January 2020 by Jordan Holmes

Insights from Emma Burdis, Head of Compliance at iamproperty

Legislation changes in 2019 placed a huge emphasis on tightening anti-money laundering regulations, as well as transparency of referral arrangements and payments.

As industry leaders, iamsold has ensured that our contracts, systems and marketing materials are fully compliant. We’ve also been committed to providing guidance on compliance issues to our Partner Agents, including the launch of our MMoA Best Practice Guide in October 2019.

This month we see further changes to UK Money Laundering Regulations, following the release of the 5th Money Laundering Directive. Alongside these changes, HMRC has increased penalty charges significantly meaning more robust consequences for failing Agents. In turn, this allows the body to grow its capacity in order to better educate Estate Agents seeking to comply.

In February 2019 several businesses were levied fines for failing to have the correct policies, controls and procedures in place; failing to conduct client due diligence; timing of identification verification; and record keeping. We want to fully support you in your compliance, so we’ve put together the following steps to highlight a few things you can do to get on the right track:

Step by step guide

  1. Complete suitable identification checks on every client (Buyers, Sellers and beneficial owners)
  2. Confirm the legal right to sell (for instance, check the title information and documents such as probate and power of attorney)
  3. Perform PEP and Financial Sanctions checks on every individual
  4. Check businesses, Trusts and your Significant Controllers
  5. Complete a Risk Assessment on each client
  6. Report any suspicious activity to the National Crime Agency (despite the risks associated with property, data shows that Estate Agents report the least amount of suspicious activity)
  7. Keep records of your checks and assessments for 5 years

iamproperty compliance is an additional service provided by the iamproperty Group. It’s a comprehensive online solution that enables you to be fully compliant with your obligations; Personal Risk Assessments, customer due diligence, identity verification and your annual training commitment – with additional handy features like online chat and expert guidance.

To see how iamproperty compliance can support you, request a demo at iamproperty.com/services/compliance.

If you have any questions about getting compliant, contact our Compliance Team at compliance@iam-sold.co.uk.

Jordan Holmes

Marketing Executive

My name is Jordan Holmes and I am the Communications and Media Production Lead at iamproperty. I have a BA (Hons) in Marketing and Advertising Management which I obtained from Leeds Metropolitan University. Read more posts from Jordan
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