AML rules coming into force January 2020

On Friday the 10th of January, important changes to Anti Money Laundering (AML) rules come into force.

These rules will have a big impact on landlords and letting agents. Because of this, we’ve written this guide to the rules and their impact.

January 2020 changes to Anti-Money Laundering Rules

 

After the changes, letting agents fall under the scope of AML rules for the first time. This change comes about a few weeks before the 5th Directive comes into force, which works to prevent terrorist financing and make financial transactions safer.

The key change in the rules revolves around landlord checks. When these rules come into force, letting agents must carry out checks on landlords and tenants involved in rental transactions of €10,000 or more per month. This is roughly equivalent to £8,500 in the UK.

row of doors

It’s most likely to affect high-end letting firms and agencies with landlords that let multiple properties at once.

However, all estate and letting agents should stay up to date on their obligations, regardless of how big or small their business is.

Most of the other rules changes focus on enhanced powers for direct access to information. Other changes cover more transparency around beneficial ownership information and trusts.

Changes Summarised

1.Regulating virtual currencies and pre-paid cards to prevent terrorist financing

2.Improving safeguards for financial transactions to and from high risk countries

3.Ensuring centralised national bank and payment account registers or central data retrieval systems are accessible in all member states

What York landlords need to know

Quantum’s letting team is well informed about this change. As such, we’re making sure all the necessary procedures and contingencies are in place.

All our letting agents in York are property experts, and they can update you on any future changes in the York property market.


If you have any further questions, why not get in touch with Quantum’s lettings team? You can call us on 01904 631 631, or email us at homes@quantumestateagency.com.

You can also use our Request a Call-Back service, and we’ll call you back as soon as possible.

We do everything we can to make the letting experience as simple as possible.

Our managed letting service for example, takes the hassle out of letting in the York area.

We’re also proud to offer a Tenant Find service. This allows landlords to find a new tenant quickly and easily, avoiding costly void periods in the process.

With experience in other areas (including as a student letting agents in York) Quantum are the perfect partner for letting in the York area!

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