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...

David

Comments

Oppression

JackHarper | | Permalink

This reminds me of East Germany before the wall came down. We pathetic unpaid tax collectors and spies scurry around collecting used toilet paper from our clients for our DNA database on pain of criminalisation while the Masters of the Universe at Greedbag Sachs are opening the latest case of Krug. Not for them the desperate hunt for copy passports and old gas bills from clients who do not come within 100 miles of a moneylaundering or terrorist financing offence. Of course I comply but I recognise how the threat of loss of liberty compromises my integrity and dehumanises me with its ritual humiliation. On a much grander scale the same strategy operated at Auschwitz-Birkenau and comparable locations. No one spoke out then either; it was safer to comply and conform.

Sara R's picture

New Regulations

Sara R | | Permalink

You may recall me posting this information about 2-3 months ago to make everyone aware of this and give you more time to register with the OFT. However the post was removed as someone complained about it and am bemused as to why.

However, I am glad to see that you are all being made aware of this again.

davidwinch's picture

Sara, I think you were misunderstood

davidwinch | | Permalink

Sara

I think you were misunderstood previously in that it was thought you were suggesting that there were to be new requirements for accountants (which there are not).

Also let's be clear there are no new money laundering regulations (the Money Laundering Regulations 2007 are to remain in force and have not been amended recently) and no new requirements for anyone to, for example, identify clients (those requirements have been in force for some years).

There are new requirements for estate agents, pawnbrokers and 'pay day lenders' to register with the OFT as their supervisory body (and pay a registration fee).  That registration requirement for estate agents and CCFIs was included in the MLR 2007 (see regulation 33) but not implemented immediately.

If I am being pedantic, the effective date is 31 January 2010 (not the 15 January).

However, apart from that, you were correct.  I think people got upset because they thought your previous post was self-serving and was not referenced to authoritative sources (such as the OFT website).

Kind regards

David

Hear hear ! Jack

Anonymous | | Permalink

Well said Jack ! These rules are more about the control of the English speaking peoples than crime or terrorism.

Our freedom of speach and thought has long defended the world against tyranical regimes which is why it is a threat to the new world order.

David

You are a true Gent ! or a fantastic diplomat.

I have to agree

Guest1 | | Permalink

although it's more than 30 years ago, since I joined this profession, I never, ever, imagined that I would be an unpaid "police" officer for the Government of the day. I've had to accept that, over the years, I've become an unpaid tax collector though.

It was interesting, in the Sunday Times to read how our Government's (lack of) immigration policy had so many holes in it, in 2004, that any "bright" terrorist could have entered our shores, with very few questions asked! Apparently, officials agreed to fast-track 337,000 with minimal checks! Isn't the threat of terrorism far more important than whether we believe that our client's have committed an MLR offence?

All of my client's come to me by way of personal recommendation and, whilst I take the MLR Act extremely seriously I am, after all, supposed to fit in accountancy and tax at some point. Many are the middle aged and elderly and come to me for my; humour, personal approach and my reputation. They don't expect me to then treat them like criminals which they aren't in the first place!

My goodness this country, in some areas, has seriously lost the plot.

davidwinch's picture

The sincerest form of flattery!

davidwinch | | Permalink

Sara

They do say that imitation is the sincerest form of flattery, so I should be flattered that you have published online at http://www.ecademy.com/node.php?id=138401 an article which is identical to my posting at the start of this thread - except that you have changed the author from "David" to "Sara" and omitted the paragraph about letting agents.

Not only is that rather cheeky and bad-mannered, it's actually breach of copyright.  I would not have minded if you had credited me as the author with a link to my website http://www.mlrosupport.co.uk or even acknowledged the item as drawn from AccountingWEB.

You haven't even taken the time to adapt the article from this site - which is primarily for accountants - to ecademy - which is not.

Please don't 'flatter' me this way again.

David

Imitation of articles

rmbc | | Permalink

David

I think you need to post reply to her post in ecademy just to show other users that you are the original author of the articles.

Typical of Creditsafe

Anonymous | | Permalink

Sadly such behaviour is all too typical of Creditsafe, the company Sara works for, who are well known in the industry for their underhand tactics.

legal action I say

Anonymous | | Permalink

Teach the company an object lesson.

They clearly can afford it ! and it is the only way they will learn their lesson.

I believe that David

Guest1 | | Permalink

has been an absolute gentleman so far, in what can only be described as "word theft". It sounds a simple crime but that is what David does for his living -he writes from his experience and his stock are his thoughts and opinions. Let no-one ever assume that this "crime" is not serious.

Because of his professional and genuine nature, he has handled this matter as professionally as I've ever seen.

If the offender had any scruples, an apology would be posted here, before the end of the day. I'll not hold my breath.

Can Sara be blocked?

Anonymous | | Permalink

Is it possible to 'block' self serving people from this website?

BirdnCo's picture

Sara on Ecademy

BirdnCo | | Permalink

I've posted a comment on the ecademy website - I wonder if this will get an apology from Sara?

Sara R's picture

David

Sara R | | Permalink

Sorry about this I did not realise that there were copyrights in place on blogs and did mean to go into my blog and put a courtesy on there for you. I did not mean to offend you and just to make you aware I have removed the post

I would appreciate it if you could get me removed off this website as I have tried to delete my profile but cannot see how.

 

 

davidwinch's picture

Apology accepted

davidwinch | | Permalink

Sara

I accept your apology and removal of the post on ecademy.  As far as I am concerned the matter is closed.

Kind regards

David

Sara    1 thanks

Tosie | | Permalink

How extraordinary that somebody who wants to be removed from this site continues to post. !!!!

 

 

plagiarism and stalin

georgeford | | Permalink

 Hi there, 

The first word sums it up one of the threads here and the second is what I think it happening. 

Mrs cannybody is selling her house to buy a retirement flat. She isn't shipping arms to the Taliban - the CIA did that long and hard for ten years when Russia invaded - they have more than they need as a result. 

Cheers 

George

George 

 

One to note

Guest1 | | Permalink

The University of Cambridge suggests; "under UK Law, copyright material sent over the Internet or, stored on web servers, will generally be protected in the same way as other media".

I believe that David can rest assured that copyright persists until 70 years after his death! However, from this learned fellow, I trust that we can continue to enjoy his wise counsel for many years to come.

At times like this it is useful to remember "the pen is mightier than the sword" (Edward Bulwer-Lytton 1839)

Message to David

Anonymous | | Permalink

Going back to your original post, many thanks David.  I have been able to direct a few estate agent clients to your article, of whom all knew about the changes but thanked me for the reminder.

 

I don't think

Anonymous | | Permalink

Edward Bulwer-Lytton had ever met Zorro!

A Gentleman and a Diplomat

chatman | | Permalink

Anonymous wrote:
David

You are a true Gent ! or a fantastic diplomat.

I agree.

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