Anti Money Laundering Registration

28/01/2013

This News Item is directly relevant to AIPP Members who are based in the UK, but will also be of interest to Members outside of the UK who work in partnership with UK based companies. We have been in contact with the Office of Fair Trading (OFT) for a number of months about the requirement for companies who work in the international property market to register under Anti Money Laundering requirements. We have today received their guidance -

'All businesses carrying out estate agency work must register with the OFT - since 1 October last year this has included estate agents dealing with overseas property and so businesses not previously required to register must do so. Carrying out estate agency work after the 1 April this year without being registered is a criminal offence and may also attract a civil penalty starting at £2,000.
 
Registration forms are available at  
www.oft.gov.uk/shared_oft/business_leaflets/general/Anti-money_laundering_regis1.pdf
The form cannot be sent electronically so it must be downloaded, filled in and then posted to the address given on the form with the appropriate fee ie £74 per premises at which estate agency work is carried out (capped at 20 premises).
 
Information on completing the form can be found at: http://www.oft.gov.uk/OFTwork/aml/guidance.
If you then still need assistance you can email queries to amld3@oft.gov.uk or telephone 020-7211-8200.'

Members may feel that they want the opportunity to discuss this issue and ask questions. Given the deadline of the end of March we suggest that you should not put off getting the necessary Registration Forms etc., but if Members would like us to set up a meeting where officials from the OFT are in attendance we can do this. Please let us know.

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