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Estate agency guidance for money laundering supervision
  • Jan 4, 2019
  • Latest News

How to help prevent money laundering and terrorist financing if you’re an estate agency or property related business.

This guidance helps estate agency or property related businesses meet their requirements for money laundering supervision, including customer due diligence, record keeping and reporting suspicious activity.

Meeting your legal obligations is important because it contributes to tackling the serious economic and social harm from organised crime, it also reduces the threat from terrorism in the UK and around the globe.

If you would like to know more about some of the success of UK suspicious activity reporting (SAR) see the National Crime Agency SARs annual report.

Almost all businesses supervised by HM Revenue and Customs (HMRC) for anti-money laundering purposes are subject either to fit and proper or approval requirements under the Regulations.

These requirements are to ensure that businesses’ beneficial owners and senior management are appropriate people to undertake those roles. Key personnel must pass the relevant test before the business can register, and can remain registered, with HMRC. HMRC stresses that neither of those requirements test whether the business is professionally run or operated. Registration is a legal requirement to trade, it is not a recommendation or endorsement of the business. HMRC advises registered businesses to carefully avoid using language that might give the impression that registration was a form of endorsement or recommendation.

There is more detail about these requirements in the fit and proper test and HMRC approval guidance.