AML & Compliance Gap Analysis - Estate Agents

Identifying Gaps in AML & Compliance for Estate Agents

Being an estate agency practice is busy and full of customer service challenges, so keeping up with various compliance issues can prove difficult and time-consuming. Nevertheless, meeting regulatory requirements is a must-do, not an option.

The difficulty is where to concentrate your efforts, our Compliance Gap Analysis helps Estate Agents not only know what they are doing well, but also areas where they could use support or improve.

The details of the AML & Compliance Gap Analysis will be based on the Estate Agents Code of Practice for Residential Estate Agents in accordance with the Property Ombudsman Scheme for UK branches only and will assess the compliance of your firm’s policies against HMRC.

What is involved?

Conducted over a day and a half with off-site remote access, the Legal Eye team will review the following associated polices from your practice:

Anti-money Laundering 
- Governance Risk based approach
- Customer due diligence
- Source of funds and source of wealth (where appropriate)
- Suspicious activity reporting
Anti-bribery       
GDPR      
Conflict of Interest       
Complaints Handling      
Terms of Business        
Client Engagement Letter        
Equality and Diversity       
Training and Development        
Invoices

Included as part of your AML & Compliance Gap Analysis is a written report confirming any corrective action required.

Our invoices are payable 14 days from date of invoice and submitted following the commencement of the day off site.

The HMRC Accounts and Technical Review do not form part of this agreement. 

Cost: £1,450 + vat

Why is this important for Estate Agents?

The penalties for non-compliance vary depending on the specific regulations, but, as an example, failing to register with a redress scheme can result in a fine of up to £5,000. In addition, estate agents who breach Anti-Money Laundering (AML) regulations face unlimited fines, imprisonment, or both, depending on the severity of the breach. And the level of fines being issued are growing.

By investing in third-party support when managing AML compliance, agents can be better equipped to handle risk while reducing their administrative burden. And importantly, outsourced AML compliance is cost-effective, particularly for smaller firms that may not have the resources to hire a dedicated compliance team.