Confused on how to meet your customer due diligence obligations? Let’s Comply online system will help make sure you comply with Know Your Client and Information on the Payer legal requirements.
Making sure your business is fully compliant with legislation, namely the 2017 Money Laundering Regulations is an ongoing process, not a one-off exercise.
Failing to comply can ultimately lead to unlimited fines and/or a jail sentence for the Senior Managers and Directors and the business being unable to trade.
As an Estate Agent you must have internal controls and monitoring systems in place to reduce the amount of criminal money that is currently being laundered through UK businesses with property being considered a high-risk sector.
Identifying all sellers and buyers and continuing your customer due diligence can be time consuming. Let’s Comply platform will provide you with all the reports you need to help you remain compliant with Legislation and Regulations
Confirm the registered owners of the property, verify the legal boundaries including identifying any relevant car parking spaces. Our Land Registry search and detailed report will ensure you meet your HMRC legal requirements and redress scheme codes of practice.
Know Your Client. Your client’s details are compared against a wide range of independent data sources to meet compliance with anti-money laundering regulations.
The search includes Customer Due Diligence (CDD) for individuals and organisations, on-going Due Diligence alerts, Politically Exposed Persons (PEP) and watch list filtering, screening and monitoring, document management and audit record keeping. This is everything that an Estate Agent is required to carry out under the Money Laundering Regulations.
Compliance checks on the buyer that meet with the Money Laundering Regulations. As soon as an Estate agent accepts an offer on behalf of their vendor client, they are then entering a business relationship with the buyer. Customer due diligence must be carried out to ensure that you 'Know Your Client' and the buyer is who they say they are.
AML policy and procedure templates are available to help you meet HMRC regulations and other legal requirements. A range of policy and procedure documents ranging from your policy statement to staff training log can be tailored to ensure you are fully compliant.
Can you be certain your CDD and EDD checklists are up to date or internal controls and communication current?
If not, opt for a compliance visit which can be as frequent as required, from a full annual review to monthly or quarterly visits. Let us go through your procedures and policies with you so you can remain compliant.
Contact us to discuss your requirements.