The anti-money laundering compliance service that is now part of data company LonRes is holding a training session for Rightmove member agents.
The FCS Compliance webinar is on May 18 and it entitled Identifying the Beneficial Owner of Companies & Trusts.
Led by FCS managing director Jerry Walters - who has spent 25 years working in fraud-related law enforcement - the session aims to help property professionals understand their legal obligations when forming a business relationship with a corporate entity, such as a company or trust. Attendees will also be guided through the practical steps needed to identify a property’s ultimate beneficial owner.
“The use of corporate entities has been shown to be the favoured modus operandi of criminals seeking to launder money through the housing market. Latest estimates put the amount of “dirty money” held in UK property as being in excess of £5 billion and the use of complex corporate structures has been central to this” says Walters.
The course will cover how companies and trusts are used for money laundering in the housing market; the difference between a company and a trust when it comes to customer due diligence; the essential documents required to undertake customer due diligence; how to identify the beneficial owner; and the major pitfalls in dealing with corporate entities
Rightmove agents can register to attend, free of charge, on the Rightmove Hub here.