AML Screening: What is it and why is it important?
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…
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Read MoreAML Screening: What is it and why is it important?
Applying a Risk Based Approach to AML: Why its a good idea
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…
Client Due Diligence and GDPR: Complying with competing regulations
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…
When is a PEP not a PEP?
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…
Why Are So Many Firms Being Fined?
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…
How to stop the Stamp Duty holiday extension becoming an AML nightmare
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…
Source of funds – A risk based approach
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…
HM TREASURY INCREASES MONEY LAUNDERING RISK FOR THE PROPERTY SECTOR AND ESTATE AGENCY BUSINESSES
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…
HMRC Guidance update Clarifies High Value Transactions
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…