On 12 January, Property Industry Eye reported that a trade body said that members have unnecessarily had accounts closed or restricted as they fall outside of the scope of AML regulations because they do not manage high-value properties with monthly rental incomes of €10,000.  Members have reported that banks are asking them to carry out Customer Due Diligence to the level as set out in the Money Laundering Regulations when all letting agents are not legally required to do so.  It is said that letting agents are being subject to unnecessary strictures around their pooled client accounts, from high street banks who are still misinterpreting AML regulations.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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