If you received an inspection from HMRC tomorrow, would your firm comply with the Money Laundering Regulations?

Would you be able to supply evidence of your firm's AML policy, procedures, training records, due diligence checks and suspicion reports?

The OFT issued fines of £246,665 against three estate agents for these failures under the Money Laundering Regulations 2007. From April 2014 HMRC took over enforcement responsibilities from the OFT. No one expects HMRC to continue the OFT's 'light touch' approach to enforcement of the Money Laundering Regulations.

The specific failures leading to the £246,665 fines included:

• Failure to keep training records
• Failure to keep evidence of customer due diligence checks and suspicious activity reports
• Failure to have written anti-money laundering policies
• Failure to have documented procedures

Simply Conveyancing Property Lawyers have launched an on-line solution, which is largely free of charge for estate agents, and will enable owners and their staff to better comply with AML requirements and avoid hefty fines with a possible criminal record!

For more information about our on-line AML solution contact 01327 300600 or email aml@simplypropertylawyers.co.uk