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ESTATE AGENTS TO FACE GREATER MONEY LAUNDERING CHECKS

22 March 2017

A new watchdog for the property market will be created next year to oversee the UK’s Anti Money Laundering (AML) regulations, which become law in June.

The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will tackle potential weaknesses in the supervision of estate agents that criminals may be exploiting. It will be based at the London headquarters of the Financial Conduct Authority (FCA).

The latest version of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 is designed to bring the UK in line with international standards and include tougher standards of supervision.

These regulations introduce new responsibilities for agents regarding how they carry out enhanced due diligence on customers and checks on their business’ vulnerability to money laundering.

We have regularly highlighted the risks facing many property professionals and outlined what they must do to ensure they remain legally compliant.


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