Consumer Protection & Anti- Money Laundering Regulations Managing Risk in your business Richard Megson -ETSOS

Recent Developments ● October 2013 – PMA’s repealed and CPR’s becomes primary legislation ● March – 3 Agents fined £265k for failing to comply with the AML Regulations ● April OFT ceases to exist - HMRC policing AML Regulations ● - Powys Council now regulating Estate Agents

So what do these Regulations mean for your business? ● Increased burden of regulation ● Increased risk to your business ● A change to the way you do business ● Process and diligence are key

Consumer Protection Regulations 2008 “ The CPRs form a major part of consumer protection legislation and agents must ensure that disclosure of material information at the earliest opportunity becomes a mantra for them. “ Christopher Hamer - Ombudsman

Anti – Money Laundering Regulations 2007 ● Prevent businesses from being used for money laundering ● Carry out adequate customer due diligence measures including taking including steps to identify customers at their given address ● Internal reporting procedure ● Ensure staff are fully trained on these measures ● Keeping adequate record

So what should you do? ● Omission and Ignorance is not a defence ● Understand the regulations ● Ensure staff are fully trained ● Process and due diligence ● Audit trail

Recent Pilot ● Point of differentiation ● Listings winner ● Reduce abortive transactions ● Speeds up the process ● PR opportunity

The NAEA & ETSOS Solution Helping you Comply ● All services can be accessed through a free to use portal ● Electronic ordering and full audit trail ● Compliance pack possible contents – Property Information Questionnaire and Hazard Checker – Copy of Title Plan and Register of Title – Copy of the Lease – Anti-Money Laundering Checks

Compliance in a box One months free trial