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AML Update: Channel 4 exposes Estate Agents as facilitators for money laundering
Posted: 12th July 2015
The recent Channel 4 documentary “From Russia With Cash” has shown 5 London estate agents turn a blind eye to a potential money laundering scenario when presented with a corrupt foreign purchaser at a property viewing. The programme heightens the focus upon all agents as the profession is seen as facilitating money laundering. If you […]
Top 5 tips for Director’s decision making compliance
Posted: 8th July 2015
Are you a Director of a Company? Did you know that any business decisions you make must comply with the Companies Act and your Company’s Articles of Association? Most directors know this in theory, but few take the steps to ensure compliance. If decisions aren’t made and recorded properly it is qualified as an offence […]
HMRC telephone calls to Estate Agents to monitor Anti-Money Laundering compliance
Posted: 30th September 2014
HM Revenue and Customs (HMRC) have a number of Anti-Money Laundering Compliance Officers working through registered agencies to ensure that each business is up to date with their compliance activities. There are a number of regulations and obligations which Estate Agents have to adhere to before, during and proceeding a property transaction. Every agent must […]
National Crime Agency (NCA) Requirement on Suspicious Activity Reports (SAR’s)
Posted: 29th September 2014
If you work within the regulated sector, you may know that during the last 12 months, the UK Financial Intelligence Unit (UKFIU) has worked with the reporting sectors towards improving the quality of Suspicious Activity Reports (SARs). This has included: dissemination of guidance review products; working closely with some of the sectors to show the […]
Residential and Commercial Property Agents: Avoid an HMRC fine and be compliant with Anti-Money Laundering Regulations
Posted: 16th September 2014
Fines approaching £250,000 have been made against Estate Agents over the course of the last few months. If you are a Commercial or Residential Property Agent and not compliant with the Regulations to prevent money laundering then you too could be subject to a hefty fine. On the 1st April 2014, HM Revenue & Customs […]
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