London transaction data company LonRes and law firm Eversheads are launching an agent-to-agent anti money laundering compliance service for LonRes subscribers.
The service, called ResCheck, majors on the compliance obligations a sub-agent has in carrying out due diligence on a lead agent prior to viewing a property.
The service will involve AML checks through Creditsafe, and secondary verification checks in-house. Once approved, subscribers receive a compliance certificate valid for 12 months “enabling them to safely carry out business with other ResCheck-approved members” according to a LonRes press release.
“Complying with the UK’s money laundering regulations is a requirement for all estate agents. However, client due diligence surrounding head/sub agents is complicated. HMRC states that the onus is on the sub-agent in carrying out appropriate client due diligence on the head agent prior to viewing a property” says LonRes director Anthony Payne.
The product has been created following discussions with HMRC.
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