As an Estate Agent, keeping up to date with AML checks for Estate Agents is a vital part of daily work. With anti money laundering rules constantly changing, staying compliant needs to be manageable, not overwhelming. Keeping on top of AML compliance through daily checks and ongoing CPD is the best way to ensure this.
Despite the importance of ensuring all property transactions are fully compliant, non-compliance remains an enforcement focus for HMRC. Recent figures show that HMRC fined close to 200 estate and lettings agents for AML breaches in a single penalties round, with hundreds more penalties issued to firms not meeting their obligations.
That is why we have collated all the current rules and regulations and the best ways to make sure you are up to date and on top of everything AML related.
iamproperty movebutler provides Estate Agents with a digital solution for managing AML checks and anti money laundering compliance, helping estate agencies meet HMRC requirements with less admin and lower risk. With a range of online tools, movebutler makes AML compliance easier to manage day to day and ensures your agency remains compliant.
AML encompasses all anti money laundering checks that must take place during a property transaction. For Estate Agents, these AML checks ensure funds are legitimate, identities are verified and legal obligations are met.
On 10 January 2020 the Fifth Money Laundering Directive (5MLD) was incorporated into the UK’s Money Laundering Regulations. This strengthened transparency, broadened the scope of regulated activities and formally recognised electronic identity verification as an effective AML check method for regulated businesses, including Estate Agents. These requirements sit within the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended, which govern AML obligations for regulated UK businesses.
While this can be a lengthy process, it is key to ensuring a successful transaction. The legislation can be a minefield, and navigating the rules to ensure the correct procedures are in place is no quick task – which is why we have summarised the current AML requirements set out by HMRC.
HMRC acts as the supervisory authority for Estate Agents under the UK’s AML regime. As a result, HMRC requires Estate Agents and estate agencies to follow strict anti money laundering compliance procedures, including the following AML checks:
AML compliance for Estate Agents is based on a risk-based approach, with enhanced checks required where higher-risk indicators are identified.
AML compliance is an essential part of an Estate Agent’s role and must be taken seriously. Failure to comply with HMRC requirements may lead to civil penalties or criminal prosecution under the Proceeds of Crime Act 2002, including unlimited fines or prison sentences of up to two years.
As an Estate Agent, it is your responsibility to stay up to date with AML requirements. Rules can change, so regularly reviewing HMRC updates is essential. Regularly reading HMRC updates is a good way to stay informed. Completing an anti-money laundering certified course as part of CPD also helps ensure everything remains in order. Ensuring your whole team is up to date with regulations and CPD trained is one of the best ways to ensure compliance. Since there are so many rules and regulations to keep on top of, iamproperty movebutler is a tool that transforms the AML compliance process.
Managing AML compliance for Estate Agents can be complex, which is why iamproperty movebutler is designed to simplify AML checks and ongoing compliance. movebutler brings all AML compliance information into one place, making it simpler to manage. If you have been appointed as your business’ Nominated Officer, the iamproperty team understands you will have a lot on your plate but movebutler is designed to help you in several ways. The administrative burden can be time-consuming but with the risks of HMRC audits, it is vital to dot the i’s and cross the t’s and that’s where movebutler comes in handy.
movebutler is the first digital onboarding platform in the UK that enables Estate Agents to complete property transactions end to end. It also helps ensure compliance with all AML regulations. The advanced compliance module enables full AML checks. Agents can also charge clients for checks such as automatic title checks and online biometric identity verification.
The handy onboarding platform even has due diligence workflows to help agents stay compliant more easily. The platform allows estate agents to pull material and information automatically in line with recent guidelines from trading standards.
movebutler streamlines the conveyancing process while reducing admin time and encouraging clear, ongoing communication.
Buying and selling property is often complex. Book a demo with movebutler to find out how you can manage AML checks, reduce admin and stay fully compliant with HMRC anti money laundering regulations.
Take the AML compliance test to see how your company would fare in the HMRC AML compliance audit. This quick quiz shouldn’t take more than two minutes and helps give you an insight into the type of questions HMRC would ask you in a check.
AML compliance will probably never be your favourite task, but it doesn’t have to be a concern. movebutler is designed to be relied on as a full AML support system, answering all your worries and queries so that you can make sure everything is taken care of.
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