Click a link
to find out why we are the complete solution for property professionals
Additional penalties for AML failures announced
30th July 2018
HMRC have announced they will now levy a Penalty Administration Charge in addition to any penalty imposed for failure to comply with anti-money laundering regulations.
According to HMRC “The charge is for costs of issuing penalties to businesses that do not comply with the Money Laundering Regulations.”*
Implemented on 25th July 2018, a penalty of up to £1500 will be levied for failures to comply with:
- customer due diligence
- client risk assessment
- money laundering policies, controls and procedures
- record keeping
And up to £350 for breaches such as:
- failing to register with HMRC
- failing to tell HMRC of changes to your business
- failing to provide information
The fines reveal much about HMRC’s focus when it comes to compliance.
It is not just the physical client checks that HMRC are looking for. It is easy to get hung up on getting hold of photo ID, or utility bills.
Agents must challenge themselves to better understand what risk is posed; whether that be from the client(s) and/or the nature of the transaction.
The charges indicate the same level of emphasis on the “why” as well as the “how,” making a demonstrable and documented audit trail a critical part of compliance.
The critical element is to; document both the process (in your risk assessments, money laundering policies and procedures) and the actual undertakings; retaining your records for the requisite 5 years after the end of the business relationship.
Compliance in a Box from Landmark is the estate agent’s AML toolkit, providing a consistent and documented AML process across your business. From one account you can undertake and evidence:
- verification of buyers and sellers within a minute
- enhanced due diligence where your risk assessment identifies it is needed
- confirmation of home owners
- retained documentation for the requisite 5 years… and more
For more information about undertaking and evidencing your compliance with the Money Laundering Regulations 2017, sign up below or please contact Compliance in a Box on 01524 220013.
*Source: Penalties and appeals for money laundering supervision
The client and experts view...
Latest news
Government Confirms New Regulations and Qualifications for Estate Agents Will Happen
The government has accepted the proposals of the Regulation of Property Agents (RoPA) with wide-spread consequences for estate and letting agents.
The proposals reach right into the heart of the industry to affect regulation, training and licensing.
(more…)
Fears of Tougher Regulations and Unjust Costs Mount Ahead of Government Announcement
Estate Agents are waiting for the big reveal on Monday after Lord Best has admitted some firms could close when the regulation of property agents (ROPA) makes its recommendations to the Government early next week.
Lord Best, the chair of ROPA, has already outlined the working group’s desire for more regulation.
[NEWSFLASH] Agent Charged DOUBLE Over AML Registration Mistake
Property Industry Eye (PIE) has highlighted the case of an estate agent who has fallen foul of HMRC and been charged double.
On 4th April, with plenty of time to spare, Hayman-Joyce renewed their annual HMRC registration. They paid the fee and thought they’d ticked all the boxes.
Compliance in a Box: The Natural Remedy for Your AML Headache
Estate agents around the country are realising that the new 5th AML Directive goes deep. There’s a lot of work involved in becoming compliant. And the penalties for non-compliance, either deliberately or through confusion, are severe. (more…)
AML Checks: Guide to Uploading the Passport.
The campaign against money laundering has seen the HMRC issue £2.5m of penalty notices since June 2017.
Making sure you’re compliant is vital.
When it comes to carrying out your checks, we supply AML reports as part of our Compliance in a Box service. (more…)
Click the Apply button opposite to use our software on a trial basis...
- What now for the agency industry as Boris Johnson takes over? https://t.co/KUJc0V2EEn
- Fears of Tougher Regulations and Unjust Costs Mount Ahead of Government Announcement https://t.co/N8VDGWNuC2 https://t.co/giZNcR88pH
- We're always talking to agents about reducing RISK with KYC (Know Your Customer) Due Diligence...but what about con… https://t.co/ePdHELsgKp
- Want to make sure you're ticking all the right boxes for your AML compliance? Click the link below and for our *FRE… https://t.co/3bjcIPFf2y
- Estate Agents, Compliance and the Beautiful Game https://t.co/1QwL5YQMit https://t.co/xawZnlv38L
- What now for the agency industry as Boris Johnson takes over? https://t.co/OUBAikhCTw
- More change on the horizon for agents! Seems to be a real split of opinions on this one. #estateagents… https://t.co/RhWLtkEbJQ
- We're always talking to agents about reducing RISK with KYC (Know Your Customer) Due Diligence...but what about con… https://t.co/CdzfWVEpXy
- Want to make sure you're ticking all the right boxes for your AML compliance? Click the link below for our *FREE* 1… https://t.co/j5SnrJMFcS
- MI5 spies 'at breaking point' as they face threats https://t.co/SBGS2Wsi2k via @MailOnline. Security Minister Ben W… https://t.co/WwEKnKIpN5
