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HM Treasury release draft Money Laundering Regulations 2017

Thursday 16 March 2017

HM Treasury have released the long-awaited Money Laundering Regulations 2017. While it is positive to have these draft regulations, there are still unanswered questions on which we will be seeking guidance.

The Government has announced that purchasers will be included in the application of Customer Due Diligence (CDD). This means that additional checks will need to be made by sales agents and auctioneers. This will be complicated by the fact that agents do not always have a face-to-face relationship with buyers.

Agents need greater clarity:

  • At what point within this context does a buyer become a buyer?
  • How can CDD be carried out where agents are dealing with buyers remotely?
  • How checks can practically be done on auction buyers, given that sale is agreed at the point that the gavel comes down?

The legislation is due to come into force on 26 June and it’s vital the sector acts to implement the changes. However, further clarity is required on several vital issues and HM Treasury have released these draft regulations for consultation.  

Mark Hayward, NAEA Propertymark Chief Executive commented:

“It’s good news that the consultation on money laundering has finally appeared. When the legislation comes into force, it’s vital the sector acts to implement the changes. The Government has announced that purchasers are now included in the application of customer due diligence, so additional checks will need to be made by sales agents and auctioneers, which will be complicated by the fact that buyers are sometimes at arm’s length and there’s not necessarily a face to face relationship. However, further clarity will be required as to at what point the purchaser becomes a purchaser, and this is an issue we will be seeking guidance on.”

NAEA Propertymark is in constant dialogue with HM Treasury to resolve these issues and gain clarity for members and the wider industry.

We will be responding to the consultation which is open until 12 April. If you would like your views to form part of our response please email them to Tim Douglas, Propertymark Policy & Campaigns Officer.

View the full regulations