Let Alliance will now offer anti-money laundering (AML) services to their clients after agreeing a new partnership with FCS Compliance.

All sales agents and, since January this year, letting agents dealing with property that generates an income of €10,000 per month (or equivalent) or more, must now comply with regulations set out in the Fifth Money Laundering Directive.

Agents must take appropriate steps to identify and assess risks of money laundering and terrorist financing, establishing an up to date, written risk assessment and a written policy on how to manage the risk.

As you will undoubtedly know, all agencies should appoint a nominated officer – Money Laundering Reporting Officer (MLRO) – who will be responsible for the letting agency complying with the Money Laundering Regulations.

Increasingly, banks are demanding letting agents even under this threshold have AML documentation and practices in place before they will work with them.

Jerry Walters, managing director at FCS Compliance, said: “Despite the disruption caused by the pandemic, HMRC remain active in the sector and we are keen to ensure that every agent de-risks their business and is ready and able to show evidence of their compliance at short notice.”

The new partnership will offer clients of Let Alliance 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 a range of customer due diligence services and consultancy services.

Andy Halstead, founder and CEO of Let Alliance, commented: “We are delighted to team up with FCS Compliance to help support our clients with their legal obligations. The FCS specialists have a tremendous wealth of experience both in financial investigation and in their understanding of the marketplace.

“When it comes to ensuring certainty over AML compliance, our new partnership will ensure clients have access to the all the help they need.”