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Published byJuniper Banks Modified over 9 years ago
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Consumer Protection & Anti- Money Laundering Regulations Managing Risk in your business Richard Megson -ETSOS
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Recent Developments ● October 2013 – PMA’s repealed and CPR’s becomes primary legislation ● March – 3 Agents fined £265k for failing to comply with the AML Regulations ● April OFT ceases to exist - HMRC policing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
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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
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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
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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
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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 contents – Property Information Questionnaire and Hazard Checker – Copy of Title Plan and Register of Title – Copy of the Lease – Anti-Money Laundering Checks
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Compliance in a box First 3 Compliance Packs Free
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