Darren Jones

What is AML Screening? AML screening is the process of checking the data you hold on your clients, counterparties, relevant third-parties and corporate structures to manage AML risks to you and your firm. You would screen against structured data in…

The risk based approach (RBA) is an essential part of the UK’s money laundering regulations and has been embedded in legislation and via 5MLD for me than a decade. Despite this the UK’s regulators barely mention it, or offer guidance…

By its nature client due diligence (CDD) requires the gathering and processing of personal identifiable information. On the one hand regulated firms have to deal with the plethora of legislation and regulations that demand the collection of personal information to…

All regulated firms have guidance as to how deal with a Politically Exposed Person (PEP). From applying enhanced due diligence to seeking senior management approval the guidance is there. The MLR 2017 regulations (specifically Regulation 37) defines what a PEP…

In 2019 across the US and the UK AML fines totalling nearly £3 billion were handed out by regulators. In the estate agency markets notably Purple Bricks was fined £266,973 for AML failings following a £215,000 fine to Countrywide for…

On 26 February 2021 HMRC warned Estate Agents to be vigilant of increased money laundering risks as property purchases rise due to the State Duty holiday extension. In particular HMRC refer to: a temporary increase in the Stamp Duty Land…

AML compliance in estate agency businesses is essentially to prevent criminals laundering money through the ownership of Real Estate. Understanding how a client is funding a transaction and how they acquired their overall wealth is a key component of AML…

On 17 December 2020 HM Treasury published its National Risk Assessment of Money Laundering and Terrorist Financing 2020. HM Treasury has increased the risk rating of the property sector, estate agency businesses and highlighted compliance failings across industry. Money Laundering…

There has been uncertainty in the prime property sector whether or not the default threshold for a “high risk” property transaction in central London was £1 million. The origin of the understanding was the wording used in HMRC’s Guidance Note…