MLR 2007 registration for Estate Agents
You will know that accountants have been subject to the Money Laundering Regulations for some years (since March 2004 to be precise) but only relatively recently was there a legal requirement for all accountants to be registered with a supervisory body to monitor their compliance with the Regulations.
Well estate agents and consumer credit providers (known as Consumer Credit Financial Institutions) who are supervised for MLR purposes by the Office of Fair Trading (excluding those supervised by the Financial Services Authority or HMRC) have also been subject to the Money Laundering Regulations for some years but, until recently, have not been required to register with the OFT.
The position has now changed and the OFT are registering estate agents and CCFIs (such as pawnbrokers and 'pay day lenders').
Any estate agent or CCFI conducting business after 31 January 2010 which is not registered for MLR supervision with the OFT (or supervised under other arrangements by the FSA or HMRC) will be breaking the law.
Since the OFT say registration formalities take a while to complete they are requesting all estate agents and CCFIs to submit their application forms (and first annual fee based on £115 for each premises from which the trade is carried on, subject to a maximum of £2,300) by 30 November.
Note that an estate agent (which must register) is different from a lettings agent (which need not register) because an estate agent deals with purchase and sale of land and property whereas a lettings agent deals only with the letting of land and property.
If you have clients who need to register with the OFT you might like to draw this to their attention.
Further information at http://www.oft.gov.uk/advice_and_resources/resource_base/legal/money-lau...