Anti-Money Laundering (High Value Lettings)
The documents in this subfolder are for use by Residential Lettings
Agencies that deal with high value lettings at a rent which during at least
part of that period is, or is equivalent to, a monthly rent of 10,000 euros
Under The Money Laundering and Terrorist Financing (Amendment) Regulations
2019 (‘the 2019 Regulations’) letting agents dealing with high value lets
are required to comply with anti-money laundering regulations when they
come into force on the 10 January 2020.
As a letting agent, if you fall within the following definition, you will
need to register with HM Revenue and Customs from the 10 January 2020 and,
as a regulated business you must put in place a number of policies,
controls and procedures to anticipate and prevent your business being used
by criminals to launder money and fund terrorism when dealing with monthly
rents of 10,000 euros or more.
“Letting agent” means a firm or sole practitioner who, or whose employees,
carry out letting agency work, when carrying out such work.
“letting agency work” means work:
(a) consisting of things done in response to instructions received from:
(i) a person (a “prospective landlord”) seeking to find another person to
whom to let land, or
(ii) a person (a “prospective tenant”) seeking to find land to rent, and
(b) done in a case where an agreement is concluded for the letting of land:
(i) for a term of a month or more, and
(ii) at a rent which during at least part of the term is, or is equivalent
to, a monthly rent of 10,000 euros or more.
The subfolder contains a template Lettings Agency Firm Wide Risk
Assessment, a template Lettings Agency Anti-Money Laundering Policy and a
template Lettings Agency Client Identification Form and Risk Assessment
Form. These templates are intended as a starting point to assist you in
implementing the requirements set out in the 2019 Regulations. You must
still review the 2019 Regulations and guidance from HM Revenue and Customs
to ensure that as a regulated business you are complying fully with the
legislation. You must seek professional advice if you are unsure as to how
the 2019 Regulations affect you and how you are to edit and complete these
Guidance from HMRC on the money laundering regulations can be accessed
here. We expect HMRC will produce specific guidance for letting
agents on money laundering supervision in due course but at the time of writing
this has not yet been published.
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 these regulations.
These Anti-Money Laundering Documents for High Value Lettings are part of
the Property Documents Folder. Just £35.00 + VAT will provide you with 1
year's unlimited access to download all/any documents from the Property