An AML reality check
Director and Founder of AMLCC and AMLCC Consult
The Pandora papers revealed the role of the UK property sector in facilitating over £4bn in illegal transactions, with many using shell companies to mask the real owners and source of funds. So it’s little wonder that HMRC has been taking serious action in the years since.
Between April and September 2023, HMRC fined property businesses £1.6 million for breaching AML regulations.
£52,000 to an estate agents in Surbiton, London
£27,400 to an estate agents in Poole, Dorset
£27,000 to an estate agents in Hale, Cheshire
With huge penalties and reputational damage at stake, you can’t afford to drop the ball on AML compliance.
You might already be using an online AML solution that checks your clients’ identity and data. It’s a good start. But it’s not enough to pass an inspection.
These are the five things your AML provider should be offering to keep you fully compliant:
1. Training on all areas of AML
All employees who work with clients, handle client onboarding, transactions or record keeping need to fully understand AML as a whole, not just the product they’re using, including:
Ongoing refresher training needs to be annual (at least), to keep their knowledge current. You also need detailed records of all training completed, including assessment results.
2. AML documentation
The AML documents you create must be suitable to your firm. You must mould and flex any template structures used and keep them in an easily adjustable and distributable format along with a full audit trail of changes.
These documents must be tailored to the risks presented by the services you offer, markets you works in and clients you work with. Update all these documents annually or when the situation changes.
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3. Client Due Diligence (CDD)
This is where your ID checks come in. But that’s not all for CDD. You also need the tools to:
Your business must collect this information before starting work with a client. Even if it’s an existing client embarking on a new transaction with you.
4. Records of all your AML
Your records are your proof of AML compliance. You need to be able to create and store copies of:
If your supervisor or law enforcement come knocking, they’ll expect to see written evidence of all your AML activities.
5. Regular updates
All your AML needs to be kept up-to-date, so you’re aligned with current laws and best practices. Any provider should prompt you to regularly review and update:
The AMLCC platform provides your business with all the necessary tools to everything above, and more. Allowing it to stay up to date with its AML and comply with the regulations.
What others have said
“We had the man from the ICAEW here yesterday to carry out a QAD practice review. We got a clean bill of health – not a single action point…That is in no small measure due to AMLCC so I just wanted to say ‘thank you’”
“Thank you for such a perfect and informative [solution]. You have given me a clear direction for my AML training and CPD.”
“I just wanted to say ‘thank you’ to you, Richard, and all the team at AMLCC for providing a service that really does minimise the burden of AML compliance.”
“What a refreshing pleasure working with a company who actually listens to the feedback from their customers and communicates with them!”
“Your team they have been excellent from the moment Fiona did a demo for me with only 15 minutes notice, and thoroughly going through the AMLCC product, answering the many questions I had! It was at this point at which I made up my mind this is the sort of business I want to work with for my AML.”
Making compliance easier
