Tenant referencing service links with anti-money laundering consultancy

15 February 2021 | Renting

Tenant referencing service links with anti-money laundering consultancy

A tenant referencing service and lettings insurance provider is linking with an anti-money laundering compliance consultancy.

Let Alliance, part of the Barbon Insurance Group, is entering a partnership with FCS Compliance, a LonRes company.

Since January 2020 letting agents dealing with property worth over €10,000 or the currency equivalent (circa £8,780) per calendar month, have become subject to the 2017 Money Laundering Regulations and so by law must be AML compliant.

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FCS says that some banks are asking that letting agents under this threshold have AML documentation and practices in place as a condition of working with them.

Barbon group chief executive Andy Halstead says: “The needs of our customers are at the heart of everything we do. Extending our current partnership with FCS Compliance to the HomeLet brand ensures that more of our customers have access to the vital AML support they need to fulfil their legal obligations and reduce exposure to potential money laundering.”

As a result of the collaboration, Letting Hub clients will have access to AML services from basic legal requirements like written policies and procedures, risk assessment and training courses, to customer due diligence and consultancy services.

This post has originally been featured in Letting Agent Today.