Agents Customer Identification and Risk Assessment

This Lettings Agency Customer Identification and Risk Assessment Form is for use by a lettings agency dealing with high value residential lettings (at a monthly rent of 10,000 euros or more) when checking the identity of a new customer for Anti-Money Laundering purposes. This form can also be used to verify the other contracting party and/or any beneficial owners. A separate form should be completed for each individual.

Under The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (‘the 2019 Regulations’), letting agents dealing with high value lettings are being brought into the scope of money laundering regulations and will be regulated by HM Revenue & Customs.  As a regulated business, letting agents caught by the 2019 Regulations are required to identify and verify their customers, other parties to the transaction and beneficial owners.

This template should be read in conjunction with our Lettings Agency Anti-Money Laundering Policy and Lettings Agency Firm Wide Risk Assessment.

The Form prompts the Agent to check the customer’s documents to prove their name and address. A list of acceptable documents appears in the form. The Agent then assesses the level of risk and records this on the form.

This form is suitable for simple due diligence. Enhanced due diligence may need to be undertaken for high risk individuals and transactions.

Our anti-money laundering templates are an EXAMPLE ONLY and are intended to be a starting point for you to implement the requirements set out in the legislation and guidance.  You must tailor the templates to suit your own business. These templates must be read alongside the relevant money laundering regulations and specific HM Revenue & Customs guidance.

If you are unsure how to edit or adapt these templates in accordance with the relevant legislation and guidance, professional advice should be sought. 

Guidance from HM Revenue & Customs on the money laundering regulations can be accessed here.  HM Revenue & Customs will produce specific guidance for letting agents on money laundering supervision in due course but this has not yet been published after more than a year since the 2019 Regulations came into force.  

Failure to comply with the 2019 Regulations can result in civil penalties or criminal prosecution. Senior managers and nominated officers can also be found personally liable for a breach of the 2019 Regulations.

This Lettings Agency Customer Identification and Risk Assessment Form is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.

Once you have purchased access to the appropriate document folder click on the “Download Document” link below. You will be asked what you want to do with the file. It is recommended that you save the document to a location of your choice prior to viewing.