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Money Laundering Regulations 2017 Change: an Independent Audit and staff screening

Sarah Canning
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Are you compliant? For the first time, estate agents as a regulated business have to consider establishing an independent audit function to ensure that their compliance is adequate and effective.  So, does this apply to you? Regulation 21 of the...

Government committed to updating and strengthening existing data protection laws

Christopher Buck
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In a statement of intent the Government has committed to updating and strengthening existing data protection laws via the introduction of a new Data Protection Bill. The Bill will implement the European Union General Data Protection Regulation (GDPR) and...

Recruitment Manager fined for illegally sharing applicant's personal information

Christopher Buck
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The Data Protection Act 1998 (DPA) applies to the “processing” of “personal data”. Pursuant to section 1(1) of the DPA “processing” includes obtaining, recording, holding, using, disclosing or erasing data and...

Tribunal order HMRC to reduce Penalty

Sarah Canning
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In 2013, Jackson Grundy Ltd, an estate agency across Northamptonshire, was fined £200,000.00 for breaches of Customer Due Diligence under the Money Laundering Regulations 2007 (as amended).  There was never any suggestion of money laundering....

Corporate transparency - the requirement to report on payment practices and policies from 6 April 2017.

Sarah Canning
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The last few years have seen a step forward in corporate transparency with a requirement to register the beneficial owners of companies on the Register of People with Significant Control (PSC) as well as make statements regarding the Modern Slavery...

Guide to: The "Persons with Significant Control" ("PSC") Register Regulations

Sarah Canning
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UPDATE: From 26 June 2017 unlisted UK companies and LLPs must keep their “Register of People with Significant Control” continuously updated on the Companies House website. Previously it was only necessary to update Companies House once a...

It is annual report time for Money Laundering Reporting Officers

Sarah Canning
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With the end of the year approaching, all Money Laundering Reporting Officer’s (MLRO's) should be well under way in their review of their organisations anti-money laundering procedures in readiness for presenting their annual report. The...

Data protection: Facebook to appeal a ruling in Belgium

Christopher Buck
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Facebook is forced to stop collecting the personal data of those in Belgium not using the site. The most recent of a number of European data protection cases has forced Facebook to stop collecting personal data from anyone in Belgium who does not use the...

FRC Practice Aid for Audit Committees - May 2015 update

Sarah Canning
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For accountants, bankers and audit committees in general there is new guidance from the Financial Reporting Council (FRC) which affects their audit responsibilities. These changes will also impact anyone who has audit and/or corporate governance...

Aerial photograph released of Michael McIntyre sparks media attention causing complaints and questions about data protection law

Christopher Buck
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On 15 July 2015 at 10:34AM the National Police Air Support Unit released an aerial photo of, what looks to be, Michael McIntyre on Twitter with the caption ‘whilst on tasking in central London this morning we spotted a certain energetic funny...

AML Update: Channel 4 exposes Estate Agents as facilitators for money laundering

Sarah Canning
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The recent Channel 4 documentary “ From Russia With Cash ” has shown 5 London estate agents turn a blind eye to a potential money laundering scenario when presented with a corrupt foreign purchaser at a property viewing. The programme heightens...

Top 5 tips for Director's decision making compliance

Andrea Smith
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Are you a Director of a Company? Did you know that any business decisions you make must comply with the Companies Act and your Company’s Articles of Association? Most directors know this in theory, but few take the steps to ensure compliance. If...

HMRC telephone calls to Estate Agents to monitor Anti-Money Laundering compliance

Sarah Canning
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HM Revenue and Customs (HMRC) have a number of Anti-Money Laundering Compliance Officers working through registered agencies to ensure that each business is up to date with their compliance activities. There are a number of regulations and obligations...

National Crime Agency (NCA) Requirement on Suspicious Activity Reports (SAR's)

Sarah Canning
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If you work within the regulated sector, you may know that during the last 12 months, the UK Financial Intelligence Unit (UKFIU) has worked with the reporting sectors towards improving the quality of Suspicious Activity Reports (SARs). This has included: ...

Residential and Commercial Property Agents: Avoid an HMRC fine and be compliant with Anti-Money Laundering Regulations

Sarah Canning
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Fines approaching £250,000 have been made against Estate Agents over the course of the last few months. If you are a Commercial or Residential Property Agent and not compliant with the Regulations to prevent money laundering then you too could be...