At the end of 2019 we were approached by a UK registered family-run estate agency based in Milton Keynes. The nature of an estate agent’s work makes it high-risk to money laundering. To prevent any of their services being used for any money laundering activity, as well as any of their staff being exposed to money laundering, they wished to put in place an anti-money laundering policy, a process for their staff to follow, and a risk assessment.
Our client was keen to make these changes quickly as national regulations were due to change in January 2020, making it a priority to ensure that the business and staff were protected.
Our job was to make sure our client was able to meet legal and regulatory requirements in a way which is appropriate to the high-risk nature of the client’s business, and to ensure reasonable steps had been taken to minimise the likelihood of money laundering occurring.
KCS Compliance Services put together an anti-money laundering policy, a risk assessment for each customer, and a checklist for staff to follow in order to ensure all checks had been conducted and records kept for the designated period of time. The responsibility of storing and recording files sat with the Managing Director in this case, we ensured he understood his obligations in terms of protecting and backing up electronically stored records. We also made employees familiar with their legal responsibilities by setting out a questionnaire and risk assessment.