The Money Laundering Regulations 2007 were amended on 1 October 2012.
Our latest AML Guidance was published on the 6 December 2016 and includes revised guidance for all members in relation to:
- Proceeds of Crime Act (POCA)
- Counter-Terrorism Act (CTA)
- Financial Sanctions
- Bribery Act
- Money Laundering Regulations (MLR)
- AML Supervision
The guidance also includes sector specific guidance intended to assist property professionals working in different disciplines to understand how the obligations apply to them.
One of the requirements of the legislation is to ensure that agents have documented policies and procedures with regard to MLR, POCA and CTA. The National Crime Agency (NCA) published their 2016 National Strategic Assessment on 9 September 2016. Within the aforementioned document is information regarding a variety of national threats, these may be scenarios that an agent will encounter in the course of their business, therefore, it may be pertinent to refer to document when compiling and reviewing your own business risk assessment.
We would also suggest that you view the following:
Additionally, the government has produced the following useful background information about how the Home Office and Treasury work to implement an effective anti-money laundering and counter financing of terrorism policy in the UK. Please click here to view the information.