Latest News

Fair Rents Bill introduced

05 June 2020

The Fair Rents (Scotland) Bill was introduced to the Scottish Parliament on 1 June 2020, with the aim of changing the law in Scotland by amending the Private Housing (Tenancies) (Scotland) Act 2016 and controlling the rent levels for Private Residential Tenancies. Read More...

Rebecca Marsh announced as new Property Ombudsman

05 June 2020

From October 2020, Rebecca Marsh will take up the role of The Property Ombudsman, taking over from Katrine Sporle CBE, whose five-year contract comes to an end on 31 October. Read More...

Discretion in Scottish COVID-19 grant scheme means eligible agencies should get help

04 June 2020

The Scottish Government has responded to concerns raised by Propertymark on behalf of its members, following reports that some Scottish agents had been denied access to business support schemes when local authorities declared the grant is not available to their sector. Read More...

How agents can help vulnerable tenants during self-isolation

03 June 2020

Some tenants who are self-isolating because they are higher risk may face other challenges apart from the direct risk and impact of the virus, Agents are a key part of local communities and can provide housing and support to those in need. Read More...

Greater flexibility built into Job Retention Scheme

01 June 2020

Chancellor Rishi Sunak announced on Friday 29 May, changes to the Job Retention Scheme (commonly known as the Furlough Scheme). Read More...

Test your AML knowledge

Friday 21 June 2019

How well do you know the Anti-Money Laundering Regulations 2017? With the Fifth Anti-Money Laundering directive coming into force on 10 January 2020, are there any gaps in your knowledge and are you working within the law so far? You could be faced with penalties of huge fines or even a prison sentence if you fail to comply.

The sheer size of the UK property market and the high value of property assets means that extremely large amounts of criminal funds can be ‘cleaned’ in a single transaction. The sales and lettings sectors, property auctioneers and high value dealers are all attractive targets. Both small and large agencies are susceptible to criminal activity.

Make sure you understand the rules, educate yourself about the risks and ensure criminal gangs or unscrupulous individuals are not using your business to exploit their ill-gotten gains.

1) It is a criminal offence to trade as an estate agency business without being registered with HMRC for money laundering supervision

True

False

2) Which of the following could be an indication that your buyer/s may be involved in money laundering?

a) The buyer uses multiple bank accounts or foreign accounts without good reason

b) You’ve never met the buyer

c) The buyer is unusually anxious to complete the transaction and pushes for a quick without reason

d) All of the above

3) If you've noticed something suspicious who should you report it to in the first instance?

a) Your manager (or the business owner if you are a manager)

b) Your Money Laundering Reporting Officer (MLRO)

c) The business owner

d) The company’s solicitor

4) What should they then do with that information if they consider your suspicions are justified?

a) Pass it on to the police

b) Keep a written report and file safely away

c) Report to the company owner

d) Submit a report to the NCA

5) Who has a duty to report suspiciousactivity?

a) The most senior person in the company

b) Senior managers

c) All employees

6) NCA is an abbreviation for:

a) National Cartels Agency

b) Narcotics Crime Agency

c) National Crime Agency

7) What is a SAR?

a) Suspicious Activity Report

b) Sales Agency Register

c) Subject Access Report

8) The Money Laundering Directive is EU legislation which sets out the law, which EU countries, including the UK, must then bring into force via domestic legislation. What version of it are we now on?

a) Third Money Laundering Directive

b) Fourth Money Laundering Directive

c) Fifth Money Laundering Directive

9) New regulations are due to come into force by what date?

a) 1 April 2019

b) 10 January 2020

c) 31 March 2021

10) You must conduct Customer Due Diligence on:

a) Buyers

b) Sellers

c) Both buyers and sellers

11) In which of the instances given below should you conduct Enhanced Due Diligence?

a) On a politically exposed person

b) If the property is based in London

c) If you’ve never dealt with them before

12) You must keep records of Customer Due Diligence checks for…

a) 3 years

b) 5 years

c) 6 years

13) Which legislation introduced a new criminal offence of failing to prevent tax evasion?

a) Criminal Finances Act 2017

b) Proceeds of Crime Act 2002

c)  Terrorism Act 2000

14) What kind of businesses need to register with HMRC under the Money Laundering Regulations?

a) Estate Agents who regularly complete sales on property worth over £1 million

b) Commercial agents

c) All estate agents

15) Complete the following sentence: My business, or the business I work for offers lettings as well as sales, therefore …

a)  I only need to report suspicious activity for sales transactions

b) We don’t fall under the AML regulations

c) I must report suspicious activity for both sales and lettings side of the business

16) If you didn’t know for sure that your clients were actively involved in money laundering you can’t be prosecuted for money laundering offences.

True

False

17) What are the penalties for failing to comply with AML regulations?

a) Prison and/or an unlimited fine

b) A fine of up to £50,000

c) Community service and a fine of up to £5,000

d) Your business will go on a 'rogues' register, which could result in a loss of reputation

 

How do you think you did?

Answers

To help you comply

ARLA Propertymark members can download the AML How to Comply Guide by logging into the Members Area.

Conferences - We host a series of conferences throughout the UK. Keep up with legislative changes, take part in expert-led workshops and network with like-minded professionals. 

Regional Meetings - Regional Meetings are unmissable for staff at all levels; meet with industry experts who will present you with the latest updates on legislation and best practice. 

Webinar - Catch the recorded Propertymark webinar, An Introduction to Anti-Money Laundering.

Other resources: