Wednesday 4th March 2020 - London
With the fifth Money Laundering Directive going live in early 2020 (and will now embrace lettings) and huge fines for AML non compliance (Countrywide fined £215,000) - you owe it to yourself and your company to ensure you are up to speed with regulation and the processes and systems needed to comply.
New guidelines for Estate Agents were issued in 2019 and have been incorporated in this programme.
THE MONEY LAUNDERING REGULATIONS 2017
A recent report showed that just 0.7% of Suspicious Activity Reports made in the last 18 months were made by estate agents - this may indicate that estate agents are not taking their responsibilities under Money Laundering Regulations seriously enough.
The Government has now launched its "Flag It Up" campaign to encourage estate agents to make more suspicious activity reports (SARs).
In addition it is now a requirement that relevant personnel in an estate agency business are checked and approved by HMRC under Money Laundering Supervision.
The 2017 regulations made significant changes to Money Laundering compliance regimes and extend sales agents due diligence to include buyers as well as sellers.
It also imposes a much tougher regime in respect of risk assessments, PEP checks and identifying the source of funds.
HMRC have subsequently introduced administration fees in addition to fines for shortcomings in compliance and have recently announced higher supervision fees in order that they can increase their resources for policing and enforcement.
This programme will help you comply.
5TH MONEY LAUNDERING DIRECTIVE
The 4th Money Laundering Directive became the above legislation in the UK in 2017. The 5th Directive has been passed by the European Parliament and will become law in the UK in early 2020 (scheduled for 10th January 2020)
CONSUMER PROTECTION REGULATIONS 2008
Referral fees - National Trading Standards have said they will use Consumer Protection Regulations to take action against sales and letting agents who are not transparent about referral fees, commissions and secret profit payments they receive. The Ombudsman has also built transparency on such payments into their mandatory code of conduct which was updated on June 1st 2019.
These apply to both sales and lettings. They are wide reaching and challenging to comply with.
The industry is currently paying out £millions in "compensation" for easily avoidable breaches.
You owe it to yourself, your staff and your business to ensure you are up to date and operating compliantly.
WHY YOU AND YOUR TEAM SHOULD ATTEND
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 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 Regulations place seven key requirements on agents in order to be compliant.
One of the seven mandatory requirements is to ensure that all staff are trained and aware of their responsibilities.
This programme will highlight the potential issues and offer practical solutions and tips to help you operate both commercially and compliantly.
The Government has just doubled the budget of National Trading Standards specifically to better police the estate agency sector.
Hammersmith - London
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