5th Money Laundering Directive

The regulations to bring this directive into British law have been laid before Parliament with commencement due 10 January 2020. Estate agency businesses have been a regulated profession for some time and have to register, have money laundering reporting officers and provide money laundering training for all staff, as well as carry out “due diligence” on buyer and vendors. Essentially a key part of the 5th Money Laundering Directive is to bring the same requirements in for some letting agents. We say some letting agents as there is a threshold of €10,000 payable as rent in a single month before ...