NAEA informed about developments in Anti Money Laundering supervision

Monday 18 January 2016

The National Association of Estate Agents has received a letter from HM Revenue and Customs (HMRC) informing them about developments in HMRC Anti Money Laundering supervision (AMLS).

The letter says that HMRC are starting to roll out their AMLS Change Programme, which means changes for those individuals and organisations HMRC supervises. The changes outlined by HMRC involve:

  • Getting rid of paper application forms and introducing a new digital registration process
  • Making changes to the penalties that may apply when businesses get things wrong
  • Being more robust and proactive with businesses that should be registered but don’t come forward
  • Giving wider and more proactive access to information about businesses on HMRC’s register

The letter ends by saying that HMRC will continue to keep relevant stakeholders, including NAEA, informed about strategic changes ahead for AMLS.

Commenting, Mark Hayward – NAEA Managing Director, said:

“We are in regular contact with HMRC and I’m pleased that they are continuing to engage with us and the industry as a whole about changes to Anti Money Laundering supervision. Last year the NAEA contributed to the Government’s Cutting Red Tape review of anti money laundering and over the next few years there will be important changes in AMLS. Some of these are starting to be rolled out now and in the longer term we know that the introduction of the EU’s 4th Money Laundering Directive in 2017 will create some wide ranging changes. We will of course continue to keep NAEA members up to date with all these changes and what they need to do to comply.”