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AML requirements for estate agency owners and shareholders

The 2017 Money Laundering Regulations stated that from 26th June 2018 owners, directors or shareholders of more than 25% of a business have to be approved to hold such positions by the HMRC...

You can do this early with the application processing opening from Wednesday 1st November 2017.

Any individual holding such positions will be banned if convicted of any of the following offences:

  1. An offence under the Perjury Act 1911
  2. An offence under section 89 of the Criminal Justice Act 1967 (false written statements tendered in evidence)
  3. An offence under section 20BB of the Taxes Management Act 1970 (falsification of documents)
  4. An offence under section 11 of the European Communities Act 1972 (EU offences)
  5. An offence under Article 10 of the Perjury (Northern Ireland) Order 1979 (false statutory declarations and other false unsworn statements)
  6. An offence under the Customs and Excise Management Act 1979
  7. An offence under the Estate Agency Act 1979, or specified for the purposes of section 3 of that Act in the Estate Agents (Specified Offences) (No 2) Order 1991
  8. An offence under any of sections 1 to 5 of the Forgery and Counterfeiting Act 1981 (counterfeiting offences).
  9. An offence under section 35 of the Administration of Justice Act 1985 (penalty for pretending to be a licensed conveyancer or recognised body)
  10. An offence under section 11(1) (undischarged bankrupts) or 13 (criminal penalties) of the Company Directors Disqualification Act 1986
  11. An offence under section 1, 2, 3, 3ZA or 3A of the Computer Misuse Act 1990 (computer misuse offences).
  12. An offence under section 1 (false representations or obtaining benefit) or 114 (offences relating to contributions) of the Social Security Administration Act 1992
  13. An offence under section 52 of the Criminal Justice Act 1993 (the offence of insider dealing).
  14. An offence under the Value Added Tax Act 1994
  15. An offence under section 44(2) of the Criminal Law (Consolidation) (Scotland) Act 1995 (false statement and declarations)
  16. An offence under the Data Protection Act 1998
  17. An offence under the Terrorism Act 2000
  18. An offence under paragraph 7(2) or (3) of Schedule 3 to the Anti-Terrorism, Crime and Security Act 2001 (offences).
  19. An offence under the Money Laundering Regulations 2001, the Money Laundering Regulations 2003, the Money Laundering Regulations 2007 or under these Regulations.
  20. An offence under section 35 of the Tax Credits Act 2002 (offence of fraud).
  21. An offence under Part 7 (money laundering) or Part 8 (investigations) of, or listed in Schedule 2 (lifestyle offences: England and Wales), 4 (lifestyle offences: Scotland) or 5 (lifestyle offences: Northern Ireland) to, the Proceeds of Crime Act 2002
  22. An offence under the Commissioners for Revenue and Customs Act 2005
  23. An offence under the Terrorism Act 2006
  24. An offence under section 1, 2, 6 or 7 of the Bribery Act 2010 (bribery).
  25. An offence under section 45 of the Serious Crime Act 2015 (offence of participating in activities of organised crime gang).
  26. An offence under Parts 1 (general privacy protections); 2 (lawful interception of communications), 3 (authorisations for obtaining communications data), 5 (equipment interference), 6 (bulk warrants) and 7 (bulk personal dataset warrants) of the Investigatory Powers Act 2016
  27. An offence under section 45 (failure to prevent facilitation of UK tax evasion offences) or 46 (failure to prevent facilitation of foreign tax evasion offences) of the Criminal Finances Act 2017
  28. .
  29. An offence of cheating the public revenue.
  30. An offence under the law of any part of the United Kingdom consisting of being knowingly concerned in, or in taking steps with a view to, the fraudulent evasion of tax.
  31. Any offence which has deception or dishonesty as one of its components.
  32. The common law offences of conspiracy to defraud and perverting the course of justice.
  33. An offence of attempting, conspiring or inciting the commission of an offence specified in this Schedule.
  34. An offence under section 44 of the Serious Crime Act 2007 of doing an act capable of encouraging or assisting the commission of an offence specified in this Schedule.
  35. An offence of aiding, abetting, counselling or procuring the commission of an offence specified in this Schedule.
  36. An act which— a. constituted an offence under the law of a foreign country, and b. would have constituted an offence under any of paragraphs 1 to 34 under the law of any part of the United Kingdom if it had been done - i. in that part of the United Kingdom; ii. by a person who is linked to part of the United Kingdom (within the meaning of paragraph 5(3) of Schedule 7A to the Proceeds of Crime Act 2002 (connection with relevant part of the United Kingdom); or iii. as regards the United Kingdom.

The cost of each individual application is £40 and the annual renewal fee for an office is £130.

If you have not been convicted of any of the above offences you will automatically be granted approval.

To find out how you can become part of Winkworth contact our New Franchising team

James Campbell | Gina Piper
newbusiness@winkworth.com | 0207 355 0200

Sources: gov.uk/HMRC/Complaince-matters.co.uk

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