AML screening for estate agents.
Buyers and sellers, both screened, both recorded. Estate agency businesses must carry out due diligence on both sides of a sale: the seller, who is usually your client, and the buyer, once an offer is accepted. Property is a long-standing route for laundering money, and HMRC inspects for it.
Supervisor
HMRC. Estate agency businesses must register with HMRC for AML supervision.
Who you’ll screen
- Sellers, at instruction
- Buyers, once an offer is accepted
- Companies buying or selling, and the people behind them
- Both, until the transaction completes
The risks
What supervisors look for in your sector.
High values, quickly
A single transaction can move a large sum. Overseas and corporate buyers deserve a closer look.
Corporate buyers
Property bought through companies hides the real owner unless you screen the people behind it.
HMRC inspections
HMRC expects records of the checks you did on each party, when, and what you decided.
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
- 01Screen both parties to a sale in one place, each with their own record.
- 02Add directors, shareholders and beneficial owners to a company client; each is screened and monitored, and counts in the risk rating.
- 03Every client re-screened daily by default, so a designation after onboarding opens a case the next morning.
- 04A fingerprinted evidence pack per client, ready for an inspection visit or file review.
Estate agency businesses must apply customer due diligence to both parties once a buyer is in place. FirmScreen screens and records each separately.
Yes. Give them the analyst role to screen and handle cases, and the MLRO can review everything from one account.