An estate agent’s guide to AML compliance

Buying and selling property is one of the most common methods of money laundering, due to high transaction values.

That’s why it’s essential for estate and letting agents understand their responsibilities when it comes to anti-money laundering (AML) compliance.

Mark Hayward, chief policy advisor at Propertymark, says: “Property is often seen as a gateway to money laundering and it’s essential that estate agents are aware of their duty in carrying out the right checks, and reporting any suspicious activity.”

As a result, all agents must comply with the HMRC regulation on money laundering, with risk of fines or prosecution for those who don’t. 

Understand your money laundering responsibilities

The government regularly updates this money-laundering guidance document for estate agents.

It lists the responsibilities if you’re an estate agency owner or senior manager. As well as what the business should do in case there’s exposure to fraud or money laundering. These include, but aren’t limited to:

  • Registering with HMRC. Leading personnel must pass certain approval checks before your agency can register with HMRC.
  • Checking that buyers and sellers are who they say they are. And that’s before you enter into a business relationship or transaction with them.
  • Creating a Policy Statement. It must outline out who’s responsible for managing the exposure to the risk of money laundering and what the procedures are.
  • Keeping records. This includes evidence of customer due diligence checks, customer contracts, proof of sale etc.
  • Making staff aware of AML guidance and how to identify and report suspicious activity. 

Carry out anti-money laundering (AML) compliance checks in Alto

Our latest partnership with trusted provider SmartSearch makes carrying out AML checks quick, easy and reliable. Plus, you can do this without leaving Alto and in half the usual steps. 

With our new integration you’ll benefit from: 

  • Guaranteed AML compliance
  • Protection against fraud and money laundering
  • Access to SmartSearch’s state-of-the-art customer verification platform
  • Fast results and comprehensive checks in seconds
  • Paperless documentation and processes
  • Easy-to-use functionality designed in partnership with agents

Want to find out more? 

To discover more time-saving benefits of our new AML integration, visit Alto Agenda. You’ll also be able to keep up with all the latest features, functionality and partnerships as they’re released. 

Alternatively if you’re new to Alto and interested in AML, book a free, no-obligation demo today.

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