This Template Commercial Property Lettings Agency Firm Wide Risk Assessment
is for use by Commercial Property Letting Agents dealing with high value
lettings (at a monthly rent of 10,000 euros or more) to assess the risks of
money laundering and terrorism financing to which its business may be
Under The Money Laundering, Terrorist Financing and Transfer of Funds
(Information on the Payer) Regulations 2017 as amended by The Money
Laundering and Terrorist Financing (Amendment) Regulations 2019 (‘the
Regulations’) ) from the 10 January 2020, letting agents dealing with high
value lettings must have a risk assessment in place. The risk assessment
must be in writing and subject to annual review. HMRC (the supervising
authority for letting agents dealing with high value lets) can request a
copy of this risk assessment which you must provide to them.
Letting agents who are caught by the Regulations are required to gather
information in order to prepare their risk assessment. For example, agents
may review old files or discuss risks with staff or ask staff to complete a
questionnaire. How and what information is gathered must be recorded and
provided to HMRC upon request.
Letting agents caught by the Regulations must consider the risk factors
that their own business may be exposed to and identify these in their
assessment. This Template has a list of risks which letting agents are
likely to be exposed to. The list is not exhaustive. You must tailor these
to your specific business and expand on the risks where relevant.
As a regulated business you must read the Regulations and HMRC guidance to
ensure that you are complying fully with the legislation. This template
Commercial Property Lettings Agency Firm Wide Risk Assessment is intended
as a starting point to assist you in implementing the requirements set out
in the Regulations and guidance.
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 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 Regulations. If you are unsure
as to the risks your business may be exposed to or how to complete this
template, you should seek professional advice.
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