AML policy and firm-wide risk assessment for estate and letting agents
Estate agency businesses are supervised by HMRC for anti-money laundering and must register with it. Letting agents are covered too where the monthly rent reaches the level set in the Money Laundering Regulations. You need a written risk assessment of your agency and written policies, controls and procedures.
Pay securely by card. You answer the questions straight after.
What your documents need to address
Property is attractive to criminals because large sums can be moved in a single transaction and the asset holds its value. As an agent you deal with both sides, and the Regulations require customer due diligence on the buyer as well as the seller.
Your documents deal with the points that matter for a firm like yours:
- Due diligence on both the seller and the buyer, and when each is carried out
- Overseas buyers and where their money comes from
- Buyers you never meet in person
- Sales well above or below market value, and quick resales
- Cash, and payments from third parties
Two documents written around your firm
AML policy£99
Your firm's policies, controls and procedures in one document, written around how your firm works.
Firm-wide risk assessment£199
A written assessment of the money laundering and terrorist financing risks your firm faces, based on your sector, clients, services and how you deal with them.
Editable Word files
Yours to adopt, change and keep up to date.
A guidance note
What the documents cover and what to put in place next.
What we ask you
You answer a set of questions about your firm. They include:
- Whether you do sales, lettings or both
- How buyers and sellers come to you
- Whether you hold client money or accept cash
- Who your Money Laundering Reporting Officer is
- How you check identity and screen for sanctions
- Whether any clients are based overseas or are politically exposed persons
- How you train your people and keep your records
Four steps
- Choose and pay. Pick your documents and pay securely by card.
- Answer the questions. You go straight to them after paying. They take about 20 minutes.
- We write and review. Your documents are written around your answers and read by a person.
- You receive your documents. Within 3 working days, or 6 working hours with express.
A sound starting point, not a guarantee
These documents give you a written policy and risk assessment that reflect your firm today, so you are not starting from nothing. They are a stop-gap until you have something fuller. They don't review your client files, train your staff, reply to your supervisor or audit your firm.