Anti-Money Laundering

Money laundering is the process of cleaning money which has been gained from criminal activity in order that it appears to have been legitimately acquired. In April 2018, the European Parliament passed the Fifth Money Laundering Directive which contains amendments to the Fourth Money Laundering Directive on the prevention of money laundering and terrorist financing.

The Fifth Money Laundering Directive expands the scope of obliged entities within the property sector to include the letting agency sector for high value transactions with a monthly rent of EUR 10,000 or more. Member States—including the UK—must implement the new rules into their national legislation by 10 January 2020.

WHAT DOES THIS MEAN?

Letting agents must put in place procedures to anticipate and prevent money laundering and help reduce the risk that criminals may exploit your business for financial crime.

What do I need to do?

REGISTER

It’s an offence to trade as an estate agent unless you’re registered with HM Revenue and Customs (HMRC) for Anti-Money Laundering supervision. More info...

MONEY LAUNDERING REPORTING OFFICER (MLRO)

There is a requirement under the regulations to have a nominated person within your business to act as a Money Laundering Reporting Officer (MLRO) and where applicable also nominate a Deputy MLRO. We can provide our members who are MLROs with legislative updates and other useful information. More info...

PROCEDURES

Prepare a written policy statement and procedures to show how your business will manage the risks of money laundering. The Government has provided a guide on how to prevent money laundering and terrorist financingMore info...

Know your customer

CUSTOMER DUE DILIGENCE (CDD)

Estate agents have a legal responsibility to undertake Customer Due Diligence (CDD) on the buyer as well as the seller before the establishment of a business relationship or the carrying out of a transaction. More info...

PROPERTYMARK PASSPORT

Verify customer identities using biometric checks—like those used at UK Border Control—to support agents in assessing the authenticity of ID documents, regardless of their type or country of origin. More info...

HOME OFFICE ID GUIDANCE

This Home Office guidance on examining identity documents will assist you in spotting forgeries and altered documents. More info...

Training courses, events and webinars

Training courses

TRAINING COURSES FOR ALL LEVELS

Foundation, Intermediate and Advanced level courses on AML, which are discounted for members.

More info...

Workshop

FREE MEETINGS COVERING AML

We host Regional Meetings across the country, which are free for members, to ensure that agents understand their money laundering obligations.

More info...

Money on washing line

FREE AML WEBINAR RECORDINGS

Get the knowledge needed to ensure compliance with Money Laundering Regulations and the Proceeds of Crime Act.

More info...

 

AML — How to comply

AML guide

Our AML guide will help you get to grips with your responsibilities—ignorance is no defense. Download a copy from the members' area. More info...

Lobbying

NAEA Propertymark's stance on AML

Self-regulatory bodies are best placed to understand their own sectors and gather information about developing risks and anti-money laundering methodologies. In our discussions with HMRC, it is clear that they have very little understanding of developments in estate agency and the fringe areas of the sector. Read more...