88 Wood Street, London, EC2V 7RS, United Kingdom    Phone: +44 (0) 845 658 0008    Email: info@lysisfinancial.com

Estate Agents must comply with Anti-Money Laundering legislation and regulations in the same way financial institutions do. Failing to comply with the regulations may result in financial and legal penalties and could result in estate agents facilitating financial crime, including money laundering and tax evasion. HMRC, the industry’s regulator for CDD, has advised that the money laundering regulations have been in place long enough within the Estate Agent Business and that their approach is now less on warnings and more on penalties.

From June 2017 the 4th Money Laundering Directive will be introduced, leading to the regulations and requirements being revised. This will result in additional requirements from an AML perspective, notably the need to conduct CDD on both vendors and purchasers as well as leasing and letting businesses coming into scope.