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HMRC checking agency AML procedures - warning

Estate agents are being reminded of their anti-money laundering (AML) responsibilities.

It comes after HMRC has seen a rise in new applications for AML supervision where applicants do not have the required risk management procedures in place which is a barrier to becoming compliant, said Propertymark.

The agency trade body said HMRC is contacting all businesses that don’t have the necessary processes in place and advising procedures to complete an application so there are no further delays to becoming registered.

Businesses that register with HMRC for AML supervision must have documented risk assessment, policies, controls and procedures (RA/PCP) – if these aren’t in place following 21 days of applying it will result in a rejected application.

Propertymark said in a blog on its website: “Property agents who need to register for AML supervision must have procedures in place to anticipate and prevent money laundering.

“This means preparing a comprehensive written policy statement to show how a business will manage the risks and detailed procedures to prevent money laundering. Staff must also be trained to understand and implement these policies.”

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    In the UK, the BPD Business Prevention Dept ha ha is in full swing. Can anyone tell me how many arms/drug dealers, etc have been caught by these anti money laundering procedures?


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