Consumer Protection & Anti- Money Laundering
Regulations
Managing Risk in your business
Richard Megson -ETSOS
Recent Developments
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October 2013 – PMA’s repealed and CPR’s becomes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
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- Powys Council now regulating Estate Agents
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
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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
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Internal reporting procedure
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Ensure staff are fully trained on these measures
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Keeping adequate record
So what should you do?
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Omission and Ignorance is not a defence
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Understand the regulations
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Ensure staff are fully trained
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Process and due diligence
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Audit trail
The NAEA & ETSOS Solution
Helping you Comply
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All services can be accessed through a free to use portal
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Electronic ordering and full audit trail
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Compliance pack contents
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Property Information Questionnaire and Hazard Checker
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Copy of Title Plan and Register of Title
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Copy of the Lease
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Anti-Money Laundering Checks
Compliance in a box
First 3 Compliance Packs Free