X
etsos

Free trial Sign-up

Please leave your name and email and we'll be in contact shortly.

Name

Company

Contact Number

Email

Please complete the sum:        
15 + 3 =

Does Your Business Convey the Right Message for Sanctions, PEPs & SIPs?

31st July 2013

As Anti-Money Laundering (AML) requirements and the consequences of those failing to comply become yet more prevalent it’s increasingly clear that the legal sector is sitting up and taking notice. However, when the subject of PEPS (Politically Exposed Persons), Sanctions and SIPs is raised there are still some who are willing to consider such risks as fictional entities, never likely to darken their door. So, can you guarantee that PEPs are not instructing fee earners and putting you and your business at risk?

Dealing with any person or business named on a Sanctions List means a fine or imprisonment for the person responsible for company’s compliance – normally the MLRO.  It is advisable to check all new clients (businesses and individuals) against official Sanctions and PEP lists.

All fee earners should be aware of the measures needed to identify they are dealing with a PEP and what they are legally required to do. Firms are required to have in place a risk based process for such threats and once discovered they should:

  • seek senior management approval for the business relationship
  • take adequate measures to establish source of funds and source of wealth
  • conduct closer on-going monitoring of the business relationship.

E-verification providers such as SmartSearch can deliver further information about such individuals and all client records are subject to daily monitoring against updates to the Sanctions and PEP lists The final AML certificate clearly shows whether an individual appears on such a list.

Firms who turn a blind eye to the activities of corrupt PEPs and try to simply ‘manage’ the relationship face a risk of serious sanction.

 

The client and experts view...

  • thumb1
Latest newsspeech Bubble

NEWSFLASH: Funding doubles for industry regulator

The government have announced a significant funding increase for property industry regulator the National Trading Standards Estate Agency Team (NTSEAT).

There has long been criticism of a lack of resource in the team whose responsibility it is to police and enforce various regulations estate agents are governed by; including the Estate Agents Act 1979 and the Consumer Protection from Unfair Trading Regulations 2008 (CPRs). (more…)

£22.5k fine for estate agent…

A recent news story highlights the risks posed by the Consumer Protection from Unfair Trading Regulations, otherwise known as CPRs. (more…)

CPRs; the opportunity

In our previous 2 blogs we have covered the definitions of the Consumer Protection from Unfair Trading Regulations (CPRs) and what the practical implementation of compliance involves. (more…)

CPRs; the practicalities

In our previous blog, we looked at the definitions outlined by the CPRs. In this blog we’ll look at the practical application of CPRs, the sorts of scenarios that come up day in day out and what lessons we can learn from any enforcement action taken. (more…)

CPRs; the implications

In 2014 The Properties Misdescriptions Act was repealed and replaced with the Consumer Protection from Unfair Trading Regulations, otherwise known as CPRs.

The main change was a shift in focus away from caveat emptor, or buyer beware, to greater transparency for those involved in the purchasing or renting of property where agents are historically famous for flowery language and an economic use of the truth! (more…)

divider
newsletter sign-up

Sign up for our e-newsletter

Name
Company
Email Address
trialTop

trial sign-up

Click the Apply button opposite to use our software on a trial basis...

trialBottom
  • etsosnews

  • etsosnews

  • Linkedin Twitter Facebook
    This site uses cookies. Find out more about this site’s cookies.