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Estate Agents urged to join anti money laundering register
The Office of Fair Trading has issued a reminder to all estate agents in the UK to ensure that they sign up to the new anti money laundering register by the end of January 2010.
After this date, any estate agent not registered will be deemed to be operating illegally. Agents are also reminded that the register is now open, and are being encourages to complete the registration process as soon as possible, as it can take up to 45 days to complete the entire process.
The register will require estate agencies to comply with the Money Laundering Regulations 2007, as currently applicable to many other regulated industries such as the financial and legal sectors.
The register applies to any business that falls under the definition of Section 1 of the Estate Agents Act 1979:
“.. to things done by any person in the course of a business pursuant to instructions received from another person who wishes to dispose of or acquire an interest in land – for the purposes of, or with a view to, effecting the introduction to the client of a third person who wishes to acquire or, as the case may be, dispose of such an interest; and after such an introduction has been effected in the course of that business for that purpose of securing the disposal of, as the case may be, the acquisition of that interest…”
There are also some circumstances where lettings agents will need to register; for example where they deal in purchase leases. Despite not having to register, lettings companies still have a duty to report suspected money laundering under the Proceeds of Crime Act 2002.
Further guidance on registration and complying with the regulations can be found at: http://www.oft.gov.uk/advice_and_resources/resource_base/legal/money-laundering/guidance
For information on how 192business can help with AML compliance, please contact us for a free trial and demonstration.
7th August 2009
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