AML screening for letting agents.
High-value lets, properly checked. Letting agency businesses are in scope for lettings where the monthly rent is €10,000 or more. For those lets, both landlord and tenant need customer due diligence, and HMRC supervises it.
Supervisor
HMRC.
Who you’ll screen
- Landlords
- Tenants
- Companies on either side, and the people behind them
- Both, for as long as the let runs
The risks
What supervisors look for in your sector.
Prime lettings
High-value lets attract overseas and corporate tenants, and occasionally people trying to hide where money comes from.
Corporate lets
A company tenant tells you little until you screen its directors and owners.
Long tenancies
A tenant who was clear at the start of a three-year let may not be clear in year two.
How FirmScreen fits
The screening part of your procedures, done and recorded.
Screening against the UK, UN, OFAC and EU sanctions lists, PEP data and HMRC’s deliberate tax defaulters, in one search. Everything FirmScreen does
- 01Add directors, shareholders and beneficial owners to a company client; each is screened and monitored, and counts in the risk rating.
- 02Every client re-screened daily by default, so a designation after onboarding opens a case the next morning.
- 03PEP relationships recorded with senior management approval and source of wealth and funds.
- 04A fingerprinted evidence pack per client, ready for an inspection visit or file review.
Lettings with a monthly rent of €10,000 or more (or the equivalent in sterling). Below that threshold the regulations don’t apply to the letting, though your own risk policy may still call for checks.
For in-scope lettings, both are customers for due diligence purposes. FirmScreen screens and monitors each.