top of page
Strip backgrouynd showing a desk with paper, pen and coffee cup

Blog

Hot Topic Highlight - 5th Money Laundering Directive

Updated: Oct 30, 2023


RICS APC and AssocRICS mandatory competency business planning

Building a better you


Property Elite’s sole aim is to build better property professionals - supporting your career every step of the way, whether you are an AssocRICS or RICS APC candidate or a MRICS or FRICS Chartered Surveyor simply seeking engaging CPD.


We provide a wide range of training and support, so why not find out more on our website about how we might be able to support you? We work with candidates across all RICS APC and AssocRICS pathways, routes to assessment and geographic regions.


Don’t forget to sign up online for your free 15 minute AssocRICS or RICS APC consultation, including a review of your referral report if you have been referred. You can also book your bespoke training or support services directly through our eShop.


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


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.

  • Head to our blog archive to access even more free CPD and AssocRICS and RICS APC training and support.

  • Download your free AssocRICS and RICS APC resources, including e-books and revision quizzes.

  • Find out more about our bespoke AssocRICS and RICS APC training and support, before booking your free 15 minute consultation.


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.

bottom of page