High Value Commercial Property Lets (AML)

Anti-Money Laundering (AML) procedures for letting agents are crucial for ensuring compliance with regulations and preventing illicit financial activities within the real estate sector. These Letting Agents and Anti--Money Laundering templates can be used to help letting agents detect and prevent money laundering activities, maintain regulatory compliance and protect the business from legal and reputational risk. It's important that the templates are used to tailor AML procedures to the specific business activities of the letting agency. These High Value Commercial Property Lets (AML) documents can be used by commercial lettings agencies with high value lettings at a rent which during at least part of that period is, or is equivalent to, a monthly rent of 10,000 euros or more.

Under The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (‘the Regulations’) letting agents dealing with high value lets are required to comply with the Regulations or potentially face civil penalties or criminal prosecution. Senior managers and nominated officers can also be found personally liable for a breach of the Regulations. Business which fall within the following definition will need to be registered with HM Revenue & Customs and, as a regulated business will need to put in place a number of policies, controls and procedures to anticipate and prevent the business being used by criminals to launder money and fund terrorism.

“Letting agent” as defined under Section 13 of the 2019 Regulations means a firm or sole practitioner who, or whose employees, carry out letting agency work, when carrying out such work.

“letting agency work” means work:

(a) consisting of things done in response to instructions received from:

(i) a prospective landlord seeking to find another person to whom to let land/property, or

(ii) a prospective tenant seeking to find land/property to rent, and

(b) where an agreement is concluded for the letting of land/property:

(i) for a term of a month or more, and

(ii) at a rent which during at least part of the term is, or is equivalent to, a monthly rent of 10,000 Euros or more.

If the agreement does not make clear the term of the agreement, it is best practice to carry out customer due diligence to ensure there is no breach of the requirements under the 2019 Regulations.

These High Value Commercial Property Lets (AML) documents include easy to use templates for Lettings Agency Firm Wide Risk Assessment, Lettings Agency Anti-Money Laundering Policy and Lettings Agency Customer Identification Form and Risk Assessment Form.

The anti-money laundering templates are an EXAMPLE ONLY and are intended to be a starting point to help letting agencies implement the requirements set out in the legislation and guidance. They should be tailored to suite the requirements of the business concerned. Templates should be read alongside the relevant money laundering regulations and HM Revenue and Customs guidance. Advice should always be sought from a professional qualified adviser.

HMRC has produced specific guidance for letting agents on money laundering supervision which provides more details and which is regularly updated. Estate and letting agency business guidance for money laundering supervision - GOV.UK (www.gov.uk).

The documents are constructed in Word format, and can be customised to meet your requirements. Please click on the links below to download.

For use in England and Wales only

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