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Have you downloaded the new AML Guide?

Tuesday 09 October 2018

Whilst it may be estate agency that gets all the press, Anti-money Laundering (AML) is also an important area for auctioneers as it's an industry criminals are known to target in order to launder large amounts of money via the purchase of high value goods or property.

Lucky for you, we've produced a fabulous new guide laying out in plain English everything you need to know about protecting your business and others from becoming victims of money laundering criminals.

It's important to note that a business of any size can be susceptible - money launderers do not differentiate. And whilst property auctioneers are an obvious target, if you sell any chattel items above the value of £10,000 and accept cash payments then you are a classed as a 'high value dealer'.

The Government are putting a lot of resources into tackling money laundering and enforcement action has been well resourced with many prosecutions as a result. As auctioneering is deemed to be a high-risk industry it's imperative that you understand the rules, educate yourself about the risks and ensure criminal gangs or unscrupulous individuals are not using your business to exploit their ill-gotten gains.

Firms that deal in property and high value goods must be registered with HMRC for money laundering supervision and must comply with the Money Laundering Regulations 2017. Our guide will help you understand all this and more, laying out in simple easy to understand terms, exactly what your responsibilities are, how you can manage risk, the process of Customer Due Diligence and the policies and procedures you should have in place. For example - did you know that you should have a MLRO in place and must be able to prove the identity of both buyers and sellers?

Of course it's not much use knowing your responsibilities but not knowing how to spot potential money laundering activity or what to do if you suspect something is wrong. We'll guide you through how to identify suspicious activity, and what to do if you suspect something is wrong.  

The carrot and the stick

If knowing that you've helped rid the nation of money laundering isn't enough to make you feel warm and fuzzy, then it's worth knowing that penalties are severe for those found to be in breach of the regulations, and include civil penalties and criminal prosecution which could even result in prison sentence. 

Fret not though, as you're not alone. Our Propertymark Passport app will help you conduct identity checks and in our guide we'll also tell you what else we are doing to help you get to grips with this high profile topic.  

So, what are you waiting for. If you're a member get downloading our invaluable reference guide to keep and share around the office. 

Download now

Keep an eye out for of AML feature in the forthcoming issue of Property Professional magazine which is due out in November.