Money Laundering & Consumer Protection Regulations Training Course

 

HMRC have recently confirmed that best business practice involves checking the ID of both sellers and buyers and taking the same approach with lettings despite lettings not being covered within the 2007 Money Laundering Regulations.

 

The Regulations are due for revising in 2017 under the 4th Money Laundering Directive (out for consultation until 10th November). This course will help you comply now and get ahead of the game for the future.

 

Compliance is vital - a member of RICS was recently expelled for a failure under Money Laundering Regulation compliance.

 

Unlike the, now repealed, Property Misdescriptions Act, Consumer Protection Regulations 2008 apply to both sales and lettings. They are also much wider reaching and more challenging to comply with.

 

Two estate agents have recently (Summer 2016) been prosecuted and fined for easily avoidable breaches of Consumer Protection Regulations.

 

The goalposts are moving all the time and you owe it to yourself, your staff and your business to ensure you are up to date and operating compliantly.

 

 

PERSONS WITH SIGNIFICANT CONTROL

 

From April 2016 new regulations have been introduced regarding the control of companies that everyone in the property industry should take note of and action. There is now a mandatory requirement for Limited Companies and LLPs to produce a PSC (person with significant control) register.

 

This will affect all UK registered businesses . It will also impact, hopefully positively, on verifying ID where companies are involved in a transaction.

 

Read more about PSCs here:

 

SUB AGENCY

 

The course will highlight the latest views on compliance in situations where acting in a main agent/sub agent capacity.

 

UNEXPLAINED WEALTH ORDERS

 

The Government is consulting on whether to introduce Unexplained Wealth Orders (UWOs) where money laundering is suspected. Estate agents and others are, again, likely to be in the front line in identifying those people and circumstances that will need investigating.

  

 

THE COURSE
 

Consumer Protection and Money Laundering Regulations are two of the most important sets of regulations that apply to the sales and lettings industry and amongst the most testing to comply with.

 

The demise of the Property Misdescriptions Act left Consumer Protection Regulations, with their far wider reaching mandate, as the legislation under which the industry has to operate.

 

Trading Standards and The Property Ombudsman have issued guidance for agents which indicates their concerns and the need to comply.

 

The cost in terms of redress and loss of goodwill by failing to comply is something that no sales or letting agent should put themselves at risk of.

 

Failings are estimated to be costing the UK sales and lettings industry literally millions of pounds in ex gratia payments.

 

Money laundering is a huge issue and was highlighted in the 2015 Channel 4 TV exposure of London agents (from Russia with cash).

 

Money Laundering Regulations place six key requirements on agents in order to be compliant.

 

One of the six mandatory requirements is to ensure that all staff are trained and aware of their responsibilities.

 

Huge fines have been levied against agents for non compliance and HMRC are currently undertaking spot checks of estate agents.

 

This training programme will highlight the potential issues and offer practical solutions and tips to help you operate both commercailly and compliantly.

 

 

COURSE DATES & TIMES 

Hammersmith - Tuesday 22nd November 2016

 

 

 

 

Hammersmith

 

Holiday Inn Express
124 King Street
Hammersmith
London W6 0QU

 

Less than five minutes walk from Hammersmith Underground Station (Piccadilly, Hammersmith & City and District lines)

 

 

Just £70 plus VAT (£84) per delegate.

 

A discount to £65 plus VAT (£78) per delegate for 2 delegates from the same business, booking at the same time or £60 plus VAT (£72) per delegate for 3+ delegates from the same business, booking at the same time, will apply.

 

Email
enquiries@integra-ps.com

 

To confirm your booking (please provide name(s) of delegates, contact details and the location and date of programme to be attended) and we will issue a VAT invoice for payment. See terms and conditions below.

 

 

 

All applications will receive a confirmation email and a VAT invoice (or receipt if applicable). The person booking is responsible for supplying the correct contact information.

 

Email confirmation will usually take place within 24 hours of making the booking. If the person booking receives no confirmation email, they are responsible for contacting Integra Property Services to request an alternate copy.

 

Substitute delegates may attend at no additional cost. Refunds in respect of cancellations can only be made if cancellations are received in writing at least twenty one days before the event, and will be subject to a 50% administrative charge. Cancellations received after this period will be charged 100% of the course fee. Please note that non attendance (without prior notification) is subject to a 100% cancellation fee.

 

Integra Property Services reserve the right to alter the venue, the programme and/or the speakers at any time and without prior notice, and also reserve the right to cancel an event, in which case all fees will be refunded.

 

All fees should be paid prior to the event. Invoices raised within 30 days of the event, or less, become payable within 5 days after the date of invoice.

 

Integra Property Services reserve the right to charge interest on any outstanding debts at 4% above Nat West base rate per month or part thereof.