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Consumer Protection & Anti- Money Laundering Regulations Managing Risk in your business Richard Megson -ETSOS PowerPoint Presentation
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Consumer Protection & Anti- Money Laundering Regulations Managing Risk in your business Richard Megson -ETSOS. Recent Developments. October 2013 – PMA’s repealed and CPR’s becomes primary legislation March – 3 Agents fined £265k for failing to comply with the AML Regulations

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Consumer Protection & Anti- Money Laundering Regulations Managing Risk in your businessRichard Megson -ETSOS
recent developments
Recent Developments

October 2013 – PMA’s repealed and CPR’s becomes primary legislation

March – 3 Agents fined £265k for failing to comply with the AML Regulations

April OFT ceases to exist

- HMRC policing AML Regulations

- Powys Council now regulating Estate Agents

so what do these regulations mean for your business
So what do these Regulations mean for your business?

Increased burden of regulation

Increased risk to your business

A change to the way you do business

Process and diligence are key

consumer protection regulations 2008
Consumer Protection Regulations 2008

“The CPRs form a major part of consumer protection legislation and agents must ensure that disclosure of material information at the earliest opportunity becomes a mantra for them. “

Christopher Hamer - Ombudsman

anti money laundering regulations 2007
Anti – Money Laundering Regulations 2007

Prevent businesses from being used for money laundering

Carry out adequate customer due diligence measures including taking including steps to identify customers at their given address

Internal reporting procedure

Ensure staff are fully trained on these measures

Keeping adequate record

so what should you do
So what should you do?

Omission and Ignorance is not a defence

Understand the regulations

Ensure staff are fully trained

Process and due diligence

Audit trail

recent pilot
Recent Pilot

Point of differentiation

Listings winner

Reduce abortive transactions

Speeds up the process

PR opportunity

the naea etsos solution helping you comply
The NAEA & ETSOS SolutionHelping you Comply

All services can be accessed through a free to use portal

Electronic ordering and full audit trail

Compliance pack possible contents

Property Information Questionnaire and Hazard Checker

Copy of Title Plan and Register of Title

Copy of the Lease

Anti-Money Laundering Checks