The Guild of Property Professionals is set to host a series of webinars throughout April 2025 to help its Members understand and comply with the new Anti-Money Laundering (AML) legislation coming into effect from 14 May 2025.
The new regulations will require all lettings agents to complete UK Financial Sanctions checks and report any suspected breaches to the HM Treasury’s Office of Financial Sanctions Implementation (OFSI).
Paul Offley (main picture), Compliance Officer at The Guild of Property Professionals, will lead the webinars, providing valuable insights into the upcoming changes and how Members can ensure they remain compliant.
Lettings agents must make an official report to OFSI if they have evidence, or reasonable suspicion, that a client has breached financial sanctions regulations.
SERIOUS CONSEQUENCES
Failure to comply could result in serious consequences, including fines or legal action. The Guild’s webinars aim to equip its Members with the knowledge and tools they need to navigate these changes with confidence.
Offley says: “The introduction of these new regulations is a significant change for the lettings sector, and it is vital that our Members are fully prepared.
“These webinars are part of The Guild’s ongoing commitment to supporting our Members in staying compliant and avoiding potential penalties.”
KEY AREAS
The sessions will cover key areas including an explanation of Financial Sanctions and the reason lettings agents are now required to complete checks and a demonstration of how these checks can be effectively carried out.
They will also cover the serious implications of failing to complete the required checks as well as a dedicated Q&A session to address any concerns or queries from Members.
