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NAEA Propertymark Begin Preparing Members For The European Fourth Anti-Money Laundering Directive

Tuesday 25 July 2017

PRESS RELEASE: In preparation of the European Fourth Anti-Money Laundering Directive, NAEA Propertymark is rolling out UK wide anti-money laundering masterclasses over the next six months for members.

One of the points in the Fourth Money Laundering Directive is to extend the Customer Due Diligence process to both the seller and processor to achieve enhanced Due Diligence where necessary and help identify and qualify Politically Exposed Persons (PEPS) and the scheduled masterclasses will ensure members are fully aware of their extended requirements to comply

Additionally, in partnership with cutting edge US based Technology Company, a company part-owned by the National Association of Realtors, NAEA Propertymark is developing an app which leverages artificial intelligence with biometrics to provide intelligent identity authentication and risk analysis complete with multi-layer compliance monitoring and reporting tools. NAEA Propertymark is seeking to trial the new technology with a number of agents this shortly, with more information and a full release to all members taking place in the autumn.

Mark Hayward, Chief Executive, NAEA Propertymark comments: “For a long time we have been leading the call for guidance and clarity on sales agents’ obligations to carry out customer due diligence (CDD) on buyers, so we were pleased to see an emphasis on CDD in the Fourth Anti-Money Laundering Directive. We’re continually developing new ways to help agents to comply and our masterclasses across the country will help ensure that members understand their obligations.  The launch of the NAEA Propertymark Passport in the autumn will also support members, and we’re excited to be able to share further details of this very soon.”

NAEA Propertymark members can find out further details about the regulations here and find out more about attending a masterclass here.

ENDS

For further information contact:

NAEA Propertymark Press Office

Tel: 020 7566 9777

E-mail: propertymark@lansons.com

About NAEA Propertymark

NAEA Propertymark is the UK’s leading professional body for estate agency personnel; representing members who practice from over 11,500 offices in all aspects of property services. We are dedicated to the goal of professionalism within all aspects of property, estate agency and land. Our aim is to reassure the general public that by appointing a NAEA Propertymark Protected agent to represent them, they will be safeguarded and receive the highest level of integrity and service for all property matters.