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Good Afternoon

The impact of the 4th Money Laundering Directive on the UK is wide reaching, not least in the property sector where we know of the significantly increased risk of money laundering given the high value nature of property transactions.

In a series of 3 blogs we look at the implications for Estate Agents, specifically in dealing with Politically Exposed Persons (PEPs), Beneficial Ownership, and the impact on lettings.

If you missed our first 2 blogs you can see them here
PEPs and the 4th Money Laundering Directive
Lettings and the 4th Money Laundering Directive

Beneficial Ownership

We finish our blog series on a positive note for estate agents with the announcement of a new register detailing the beneficial ownership of businesses. The Person with Significant Control (PSC) register requires companies to declare all persons with significant control over the company as well and detailing the nature of the control that person has.

All businesses must undertake CDD on individuals with control over more than 25% of the shares or voting rights of a business. In cases where no ultimate owner can be identified, a senior manager will be deemed sufficient to meet identification requirements.

The PSC register fulfils the requirement under the 4th Money Laundering Directive to provide greater transparency when it comes to identifying beneficial owners of large and small organisations. Importantly this register will be available across Europe making the process of establishing non-UK beneficial owners for Customer Due Diligence much easier. In the case of trusts, those trusts which are obliged to file a tax return will be required to submit information about their beneficial owners to the PSC register.

View our guide to Anti-Money laundering for Estate Agents here

Compliance in a Box provides a very simple solution to enable you to undertake Customer Due Diligence (CDD) and enhanced CDD, fully compliant with HMRC and the Money Laundering Regulations 2007, including the 4th Money Laundering Directive. To try Compliance in a Box FREE for your first 3 properties contact me today.


Kind regards

Ben Robinson
T 01524 220013

ETSOS

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Unit 4 - 5 Willow Mill, Fell View, Caton, Lancaster LA2 9RA
T 01524 220013   E energy@etsos.co.uk

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