Anti-Money Laundering training

Money laundering is the process of cleaning money which has been gained from criminal activity in order that it appears to have been legitimately acquired.

In April 2018, the European Parliament passed the Fifth Money Laundering Directive which contains amendments to the Fourth Money Laundering Directive on the prevention of money laundering and terrorist financing. Member States, including the UK, must implement the new rules into their national legislation by 10 January 2020.

What does this mean?

Estate agents must put in place procedures to anticipate and prevent money laundering and help reduce the risk that criminals may exploit your business for financial crime. Make sure you:

  • Have in place comprehensive written policy and procedures to deal with money laundering.
  • Undertake an AML risk assessment covering your clients, your agency and how it operates.
  • Train and support staff to understand and implement these policies.

What do I need to do?

REGISTER

It’s an offence to trade as an estate agent unless you’re registered with HM Revenue and Customs (HMRC) for Anti-Money Laundering supervision. More info...

MONEY LAUNDERING REPORTING OFFICER (MLRO)

There is a requirement under the regulations to have a nominated person within your business to act as a Money Laundering Reporting Officer (MLRO) and where applicable also nominate a Deputy MLRO. We can provide our members who are MLROs with legislative updates and other useful information. More info...

PROCEDURES

Prepare a written policy statement and procedures to show how your business will manage the risks of money laundering. The Government has provided a guide on how to prevent money laundering and terrorist financingMore info...

Mark Hayward

Mark Hayward
NAEA Propertymark Chief Executive

Quote mark

'All estate agents must be registered with HMRC for anti-money laundering purposes and are required to adhere to its systems and procedures. HMRC are making spot and random checks among agents, and failure to comply with anti-money laundering regulations will result in substantial fines'.

Know your customer

CUSTOMER DUE DILIGENCE (CDD)

Estate agents have a legal responsibility to undertake Customer Due Diligence (CDD) on the buyer as well as the seller before the establishment of a business relationship or the carrying out of a transaction. More info...

PROPERTYMARK PASSPORT

Verify customer identities using biometric checks—like those used at UK Border Control—to support agents in assessing the authenticity of ID documents, regardless of their type or country of origin. More info...

HOME OFFICE ID GUIDANCE

This Home Office guidance on examining identity documents will assist you in spotting forgeries and altered documents. More info...

Training courses, events and webinars

Training courses

TRAINING COURSES FOR ALL LEVELS

Foundation, Intermediate and Advanced level courses on AML, which are discounted for members.

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Workshop

FREE WORKSHOPS COVERING AML

We host workshops across the country, which are free for members, to ensure that agents understand their money laundering obligations.

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Money on washing line

FREE AML WEBINAR RECORDINGS

Get the knowledge needed to ensure compliance with Money Laundering Regulations and the Proceeds of Crime Act.

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AML — How to comply

AML guide

Our AML guide will help you get to grips with your responsibilities—ignorance is no defense. Download a copy from the members' area; free hard copies will also be given exclusively to NAEA Propertymark Workshop delegates. More info...

AML Health Checks

We have partnered with Financial Crime Services to offer AML Health Checks to NAEA Propertymark members. We will review your company’s policies and processes, creating a detailed report outlining any findings including practical recommendations on what actions you’re required to take to meet your obligations. More info...

Lobbying

Our stance on AML

Self-regulatory bodies are best placed to understand their own sectors and gather information about developing risks and anti-money laundering methodologies. In our discussions with HMRC, it is clear that they have very little understanding of developments in estate agency and the fringe areas of the sector. Read more...