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Hot Topic Highlight - 5th Money Laundering Directive

Updated: Oct 30, 2023

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What is today's blog about?

In this week’s blog, we will be taking a look at the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, otherwise known as the 5th Money Laundering Directive.

You can access the full regulations online.

This is essential reading for all AssocRICS and RICS APC candidates, as well as qualified Chartered Surveyors.

You can also listen to our CPD podcast on Anchor for more free AssocRICS and RICS APC training and support, as well as watching our short CPD videos on YouTube

When did the 5th Money Laundering Directive take effect?

10 January 2020.

What new requirements have been introduced?

Residential and commercial letting agents must now carry out Customer Due Diligence (CDD) checks when a property is let for:

  • A term of a month or more, and;

  • At a rent, which, during at least part of the term is, or is equivalent to, a monthly rent of over EUR 10,000.

CDD must be undertaken on both the lessor and the lessee, i.e. both parties to the transaction.

The existing requirements of the 4th Money Laundering Directive already cover work undertaken by residential and commercial sales agents.

How do I comply with the new Directive?

RICS have not yet published any guidance on compliance with the new Directive. This is currently being put together in collaboration with HMRC, although no publication date has been announced.

RICS Members and Regulated Firms, should, therefore, be aware of the requirements and seek to put appropriate CDD measures in place with immediate effect.

The best source of existing information comes from the existing RICS guidance for sales agents.

How can we help?

  • Book your e-mock interview online, which includes our pre- and post-interview feedback on your presentation handout.

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Not sure about signing up? Make sure you read what our recent successful candidates have to say in our Testimonials.

Stay tuned for our next blog post to help build a better you

N.b. Nothing in this article constitutes legal, professional or financial advice.


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