Rent4sure customers are set to benefit from a new programme of support, advice and training to help them with their anti-money laundering obligations.
The partnership with FCS Compliance will provide agents with access to a comprehensive range of award-winning AML services.
While it is a legal requirement for all relevant employees to receive anti-money laundering training and to stay up-to-date with the current regulations, understanding how this applies to your individual business is not always easy.
Who must register?
All letting agents in the UK who fall within the scope of regulated businesses and meet the rent thresholds, must register with HMRC and follow the anti-money laundering regulations. Following Russia’s invasion of Ukraine, new legislation to tackle economic crime has been fast-tracked and the government says this will support the National Crime Agency’s work in targeting corruption. The government’s National Risk Assessment published in December 2020, reported that high levels of anonymity, often associated with lettings, can provide ideal conditions for money laundering and criminal behaviour. It recently raised the risk of money laundering through property from "medium" to "high” and is cracking down on money laundering with tougher laws and enforcement.
HMRC compliance checks With reports that the level of HMRC inspections and checks are increasing, we’re working with FCS Compliance to offer agents clear information, guidance and training to support their AML obligations. FCS is an award-winning specialist provider of AML services, trusted by leaders in the UK-wide lettings industry to help raise standards and minimise the risk of criminal activity within regulated businesses.
The collaboration will provide Rent4sure clients with access to AML services ranging fromthe basic legal requirements - written policies and procedures, a firm-wide risk assessment and training courses - to customer due diligence and consultancy.
Following HMRC’s recent ramp-up in activity, customers are invited to attend a complimentary webinar hosted by FCS Compliance. The webinar, which is titled “When An Inspector Calls”, will focus on HMRC visits to letting agents and how businesses can ensure that they’re prepared for these checks.
Lee Rudhill-Stevens, Rent4sure National Sales Manager, says the webinar is an important first step to gaining clarity on legal obligations.
“At this current time it’s understandable that agents have been raising concerns about AML regulations and this webinar is a great opportunity to understand the law, what measures need to be put in place, and hear how FCS can assist.
“We want to do everything we can to help our customers have confidence in this area so we’re delighted to join forces with FCS compliance. This new alliance will ensure our agents have easy access to the vital AML support they need to meet their legal obligations and de-risk their businesses.”
Expert insight The free webinar covers the basic AML requirements that all agents need to be aware of. It will be presented by Malcolm Driscoll, Lead AML Consultant, who joined FCS Compliance after many years in the Police Service investigating serious and complex financial crime.
Malcolm has expert insight into the world of fraud and fraudsters and brings this specialist subject to life, explaining how agents can prepare for HMRC visits, what to expect from an inspection, and the necessary measures agents should take to avoid severe penalties. The presentation ends with a Q&A session.
‘When An Inspector Calls: HMRC inspections and how to prepare for them’,will take place at 10am on Thursday 31st March. Attendance is free so please ensure you secure your place as soon as possible by registering here: