×

Request a Callback

    ×

    Download your Free eBook

      HMRC Getting Tough on AML Procedures

      Veriphy - People Company Compliance Security Checks AML Platform
      10 Years of People and Company Checks
      January 28, 2018
      Veriphy - People Company Compliance Security Checks AML Platform
      Award Winning – Leading Provider of AML Checks
      July 10, 2018

      The New Year is bringing increased vigour to HMRC’s pursuit of Estate Agents on the wrong side of AML regulations.

      Speaking to Business Insider Magazine, Mark Hayward, the Chief Executive of the NAEA Propertymark, said, ‘All estate agents must be registered with HMRC for anti-money laundering purposes and are required to adhere to its systems and procedures. HMRC are making spot and random checks among agents, and failure to comply with anti-money laundering regulations will result in substantial fines.’

      The government is launching a new watchdog to strengthen the defences against money laundering and terrorist financing. The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will work with all the UK’s Anti-Money Laundering (AML) supervisors to ensure organisations meet the high standards set out in the Money Laundering Regulations 2017, and has powers to investigate and penalise those that do not.

      The new watchdog is likely to urge regulators of the other sectors, such as the legal and accountancy professions, to follow HMRC’s lead in levying huge fines on those that don’t have their procedures and AML checks.

      Naming and shaming those that have been fined is widely being reported as the next step in ensuring firms comply adding reputational damage to the financial burden of a substantial fine.

      The Business Insider story is here.


      • Dominic Gulati
        Loving your company's services! I switched to you from another provider, and what you deliver is much better, and your web interface is so much simpler to use.
        Dominic Gulati
        A K Gulati & Co Solicitors
      • Claire Thornton
        I absolutely love it. I can't believe how easy it is to use and how user friendly it is in its format.
        Claire Thornton
        TLW Solicitors
      • Mark Davis
        Love it – very happy client as well as we can now speed up the process by 4 days for him.
        Mark Davis
        XL Financial Services Ltd
      • Jon Booth
        The system was extremely easy to set up and we were up and running with it very quickly… It made a refreshing change to be in that position so quickly.
        Jon Booth
        Booth & Co
      • Ross Findlater
        This is very user friendly – brilliant! I wish I’d discovered this at the start of trading.
        Ross Findlater
        Business Tax Solutions Ltd
      • Richard Nevill
        Very clear & simple. Used it, without reading the manual of course, just to give it a try. Excellent service.
        Richard Nevill
        Nevill Stormont & Co
      • Donald Inglis
        I have just used Veriphy for the first time. It is excellent – so much easier than the old non-digital methods.
        Donald Inglis
        Inglis Chartered Accountants
      Request a Callback Join / Log In