UK: Anti-money laundering ‘approvals’ – directors need to sign up
26 Oct 2017

By Property Industry Eye

Owners and directors of agency businesses can start signing up to the new anti-money laundering regime next week. They can also expect an increase in mandatory AML fees.

The 2017 Money Laundering Regulations introduced a new requirement for owners and directors of estate agency businesses to be approved.

The regime also takes in shareholders who own 25% or more of a business.

No person can be an owner, 25%+ shareholder or director of an estate agency business unless they have been approved by HMRC to hold such a position.

Approval will automatically be granted if the individual has not been convicted of any of the listed offences, but it will be refused if a conviction is registered.

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