TWO WEEKS TO THE ANTI-MONEY LAUNDERING DEADLINE – ARE YOU COMPLIANT?
There are just two weeks left for letting agents and landlords with a rental income of £8,600 or more per calendar month to register with HM Revenue & Customs if they want to be fully compliant with anti-money laundering regulations.
The regulations were brought in under the terms of the EU’s Fifth Money Laundering Directive which was implemented in January 2020 and is still applicable in the UK despite Brexit. The Directive makes it a legal obligation for every lettings business, whether letting agent or landlord, that lets property at or above the monthly rental income of £8,600 to register with HMRC.
Agents and landlords can continue with their day-to-day business assuming they have started the AML registration process.
HMRC typically confirm registration 45 days after a company has made contact.
Registration is not all of the procedure, agents and landlords will need:
- Undertake an Anti-money laundering risk assessment
- Provide thorough training for all staff working on the frontline
- Having a detailed AML policy and procedure document in place. These must be available if requested.
Penalties include fines and possible imprisonment.