Register Your Agency With HMRC

With just weeks to go until the deadline, letting agents must register themselves with HMRC to remain AML compliant. By June 10th 2021, any letting agent, residential or commercial who lets property at or above 10,000 euros or £8,600 or more per month must register. Of course these changes came in last year under the Fifth Money Laundering Directive bringing agents in line with estate agents, so many letting agents will already be compliant. Further information can be found on HMRC’s website –  https://www.gov.uk/guidance/registration-guide-for-estate-agency-businesses.

Registering an agency is much more than simply clicking register, agents must put certain documents in certain places in order to remain anti-money laundering compliant. As well as this, there are clear, defined procedures that need to be put in place in order for agents to remain completely compliant. Agents must be aware of customer due diligence, the roles and responsibilities of their staff, whilst an AML risk assessment must have been completed.

This is where our Openview property software comes in. Openview can help agents out as it can automate the AML process for them whilst also streamline the process to make it as easy and efficient as possible. For example, Openview allows agents to put an AML process in place in order to remain legally complaint. Whether it be customer due diligence or an AML risk assessment, Openview will automatically notify the agent of the need to perform an action on the customer in order to stay compliant. As you may know, AML is a complicated process and many agents rely on their CRM to automate key processes for them. Openview can provide agents with a full picture of their AML process allowing them to produce evidence of their process in an instant should a compliance officer turn up at the agency.

Openview also allows you to remain compliant not just with AML but with over 150 landlord laws. Openview has a legally backed directory of documentation, provided courtesy of Dutton Gregory, which allows agents to remain compliant by using the correct forms and documentation. Altogether, with Openview, agents can remain 100% compliant throughout the AML process.

Click below to book your Openview demo today…

The information in this blog is believed to be factually accurate at the time of writing the blog, VTUK cannot be held liable for any decisions made based on the contents of this blog.

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