Auctioneers and valuers

It’s a criminal offence to trade as a high value dealer or property auctioneer without being registered with HMRC for money laundering supervision. Make sure you understand the rules, educate yourself about the risks and ensure criminal gangs or unscrupulous individuals are not using your business to exploit their ill-gotten gains.

Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs) all Estate Agency Businesses and Letting Agency Businesses with properties that have a monthly rent that is the equivalent to 10,000 Euros or more, must produce a risk assessment.

Under the Sanctions and Anti-Money Laundering Act 2018, the UK Government introduced a new regime of issuing financial sanctions following the UK’s departure from the European Union. Under the Act, businesses specified in the Act have to report to the OFSI if they suspect they are engaging with a client who is under financial sanctions.

The purpose of the Ivory Act is to prohibit commercial activities concerning ivory in the UK and the import and re-export of ivory for commercial purposes to and from the UK. This includes intra-EU trade to and from the UK.

This checklist will highlight areas for improvement in your business. It covers questions which may be asked during a supervisory inspection by HMRC in relation to anti-money laundering (AML) and the counter financing of terrorism.

Our Identity Verification Form will assist you in collecting the important information you need about the vendor. Use this form to tick off the appropriate checks and comply with the money laundering regulations.