One platform for all your legal and code of practice requirements
Letting Agents are already working in a heavily regulated sector with daily pressures from landlords and tenants all whilst trying to complete the mountains of daily paperwork correctly.
If you are managing a property in Scotland, you must meet with the Code of Practice Regulations which includes taking steps to check the identity of each landlord and to ensure they are the legal owners of the property
The Fifth Money Laundering Directive is about to be transposed into UK legislation and Letting Agents must ensure that landlords or tenants are not laundering money and you are not a party to their criminal behaviour.
This is nothing new, any Letting Agents that are party to criminal behaviour, even if it is unknowingly, and who have not carried out the correct due diligence will be prosecuted under the various Criminal Acts.
The Let’s Comply system makes your job easier and will deliver the assurances
Our detailed report following a Land Registry Search will guarantee you know the exact owner of the property and if there are any outstanding mortgages letting you check if lenders consent has been obtained. A plan identifying the extent of the property’s garden and any designated car parking space ensures certainty.
Know Your Client. Legislation means AML searches must be carried out where a landlord’s monthly rental income is over a certain amount. Your landlord and tenants’ details are compared against a wide range of independent data sources to comply with current Anti-Money Laundering Regulations.
Once we have carried out a Land Registry search our report will confirm the legal owner of the property allowing you to ensure the person who has instructed you is entitled to let the property. Details of outstanding mortgages over the property lets you check if lenders consent is required.
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.
Are you confident all your written documents and procedures would pass any inspection?
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.