Let the agents must ensure that they are fully prepared for the new regulatory requirements introduced today.
It is now required that agents of the agents evaluate all owners, tenants and, when appropriate, to the beneficial owners of corporate or tenant owners against the list of sanctions of the United Kingdom. Any positive coincidence must immediately inform the Office of Implementation of Financial Sanctions (OFSI).
While some agents will inevitably see the new rules as a burden, others consider it an opportunity to optimize their operations and improve compliance processes.
Goodlord reference head, Nishma Parekh, commented: “The new rules on sanctions controls represent an important change for the industry and it would be very easy to let the agents fall without knowing it. Each novagean and tenants through sanctions controls.
“With four out of five owners feeling little prepared for the changes, it is vital to get their ducks immediately if they are because they must remain on the right side of the law. If they are going to comply, even if £ £ £ £
Notice of coadjute that agents consider four key areas to keep complying with:
1. Check the detection processes: Make sure your agency has access to updated detection tools and follow a due diligence workflow consistent.
2. Improve the documentation and audit paths: Maintain clear and marked records in the time of controls, decisions made and any report presented.
3. Train your team: make sure that all personnel understand what the sanctions are, how to make checks, what constitutes a match and how to inform.
4. Keep complying beyond incorporation: sanctions controls must be carried out not only at the beginning of a possession but are monitored through the lease.
