FCS Compliance has agreed a new partnership with Rent4sure, the lettings software and systems specialist, to bring anti-money laundering (AML) services to their clients.

The collaboration will provide Rent4sure clients with access to a comprehensive range of AML services, from the basic legal requirements – written policies and procedures, a firm-wide risk assessment and training courses – to customer due diligence and consultancy.

FCS Compliance is a LonRes company and LonRes has been partnering with Let Alliance, part of the Barbon Insurance Group company, since 2018. FCS Compliance established a partnership with fellow Barbon Insurance Group brand, HomeLet, in 2021.

James Golfar, managing director of FCS Compliance, commented: “Extending our services through this new partnership allows us to assist Rent4sure agents at an important time for the industry. The government is under increasing pressure to combat money laundering and terrorist financing in the UK and without question the property market is a prime focus.

“It is vital that property professionals understand the law and what measures need to be in place to protect themselves and their businesses. It is important to emphasize that letting agents also involved with any sales, or those with just a single transaction over the stipulated threshold within the year, do fall under scope of the Money Laundering Regulations.”

Luke Burton, chief operating officer of Rent4sure, is hoping to that the new agreement with FCS Compliance will build on existing partnerships with sister brands, Let Alliance and HomeLet.

“This new alliance will ensure Rent4sure customers have easy access to the vital AML support they need to meet their legal obligations and de-risk their businesses,” he said.

Since January 2020, letting agents (dealing with property worth over €10,000 or currency equivalent per calendar month) are subject to the Money Laundering Regulations 2017 and so, by law, must ensure their firms are AML compliant.

The government’s National Risk Assessment published in December 2020, reported that high levels of anonymity often associated with lettings, can provide ideal conditions for money laundering and criminal behaviour.

The first CPD-certified training course for Rent4sure clients is on Wednesday 16 and Thursday 17 May.