Comply or be taken to the cleaners
Language: English Series: Estates Gazette ; (0749) 8 December 2007, 97(1)Publication details: 2007Subject(s): Summary: Considers how the Money Laundering Regulations 2007, which come into force on 15 December 2007, will affect estate agents. Agencies will be required to implement improvements to their money-laundering controls. A risk-based approach is to be taken when applying the requirements. The Office of Fair Trading will supervise compliance. If an agency is unable to complete its customer due diligence requirements then it should not proceed with the transaction. Firms must appoint a Money Laundering Reporting Officer, enforce procedures to enable internal reports and prove staff training. Failure to comply can mean a prison term or unlimited fine.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | L141661 (Browse shelf(Opens below)) | 1 | Available | 141661-1001 |
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Considers how the Money Laundering Regulations 2007, which come into force on 15 December 2007, will affect estate agents. Agencies will be required to implement improvements to their money-laundering controls. A risk-based approach is to be taken when applying the requirements. The Office of Fair Trading will supervise compliance. If an agency is unable to complete its customer due diligence requirements then it should not proceed with the transaction. Firms must appoint a Money Laundering Reporting Officer, enforce procedures to enable internal reports and prove staff training. Failure to comply can mean a prison term or unlimited fine.