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Consumer Protection & Anti- Money Laundering Regulations Managing Risk in your business Richard Megson -ETSOS

Consumer Protection & Anti- Money Laundering Regulations Managing Risk in your business Richard Megson -ETSOS. Recent Developments. October 2013 – PMA’s repealed and CPR’s becomes primary legislation March – 3 Agents fined £265k for failing to comply with the AML Regulations

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Consumer Protection & Anti- Money Laundering Regulations Managing Risk in your business Richard Megson -ETSOS

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  1. Consumer Protection & Anti- Money Laundering Regulations Managing Risk in your businessRichard Megson -ETSOS

  2. Recent Developments October 2013 – PMA’s repealed and CPR’s becomes primary legislation March – 3 Agents fined £265k for failing to comply with the AML Regulations April OFT ceases to exist - HMRC policing AML Regulations - Powys Council now regulating Estate Agents

  3. So what do these Regulations mean for your business? Increased burden of regulation Increased risk to your business A change to the way you do business Process and diligence are key

  4. Consumer Protection Regulations 2008 “The CPRs form a major part of consumer protection legislation and agents must ensure that disclosure of material information at the earliest opportunity becomes a mantra for them. “ Christopher Hamer - Ombudsman

  5. Anti – Money Laundering Regulations 2007 Prevent businesses from being used for money laundering Carry out adequate customer due diligence measures including taking including steps to identify customers at their given address Internal reporting procedure Ensure staff are fully trained on these measures Keeping adequate record

  6. So what should you do? Omission and Ignorance is not a defence Understand the regulations Ensure staff are fully trained Process and due diligence Audit trail

  7. Recent Pilot Point of differentiation Listings winner Reduce abortive transactions Speeds up the process PR opportunity

  8. The NAEA & ETSOS SolutionHelping you Comply All services can be accessed through a free to use portal Electronic ordering and full audit trail Compliance pack possible contents Property Information Questionnaire and Hazard Checker Copy of Title Plan and Register of Title Copy of the Lease Anti-Money Laundering Checks

  9. Compliance in a boxOne months free trial

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