Breaking Property News 22/05/25
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Mandatory AML checks now enforced for Landlords and Tenants
From 14th May, 2025 new UK legislation requires that all landlords and tenants be screened against global sanctions and PEP (Politically Exposed Persons) lists. These checks are now a legal obligation, with no exceptions, and failure to comply could lead to severe penalties — fines of up to £1 million or 50% of the estimated value of the breach, whichever is higher.
What Does This Mean in Practice?
When someone is screened against global sanctions lists, their name is checked against official records from governments and international authorities (such as the UN, EU, UK, and OFAC in the US). These lists include individuals and entities who are subject to sanctions because of involvement in criminal activities, terrorism, or threats to international peace and security. Being on one of these lists may mean the person is banned from certain financial transactions or subject to asset freezes.
Politically Exposed Persons (PEPs) are individuals who hold or have held prominent public positions—like government ministers, judges, senior military officers, or directors of state-owned enterprises—or are closely connected to someone who does. Because of their influential roles, PEPs present a higher risk for bribery, corruption, or money laundering. AML regulations require enhanced scrutiny for these individuals to ensure financial integrity and compliance.
In essence, this legislation means all letting agents and landlords must ensure that no tenant or landlord involved in a property transaction is a known financial risk, either through direct criminal links or association with high-risk individuals.
FCC Paragon’s AML Check Service: A Compliance Essential
In an era where financial crimes are increasingly sophisticated, FCC Paragon offers a comprehensive Anti-Money Laundering (AML) Check Service designed to help organisations meet regulatory obligations and shield themselves from financial misconduct.
Why AML Checks Matter
AML checks are a critical defense against money laundering and terrorist financing. They are legally required across various sectors, including:
- Property letting and management
- Financial services
- Legal practices
- Corporate firms
Non-compliance not only invites substantial fines but also risks reputational damage and legal consequences.
Key Features of FCC Paragon’s AML Check Service
FCC Paragon has developed a powerful and easy-to-use AML service tailored to current legal requirements:
- Sanctions and PEP Screening: Instantly flags individuals appearing on global sanctions lists or identified as politically exposed.
- Comprehensive Data Checks: Cross-referencing multiple trusted data sources to verify identities.
- Real-Time Monitoring: Continuous updates ensure you stay compliant with the latest legal obligations.
- ID Confirmation in Seconds: Get pass/refer results in under a minute — ideal for landlords, tenants, buyers, and vendors.
- Secure & Private: Advanced encryption ensures all personal data is handled with strict confidentiality.
- Available 24/7/365: The system is always accessible, with a high UK match rate for reliability.
- Cost-Effective: Offers excellent value by helping reduce risk and avoid costly breaches.
How It Works
- Input Client Information
Enter details into the secure online platform. - Run the Checks
The system performs comprehensive AML checks instantly. - Receive the Report
A pass/refer decision is generated typically in under one minute, supporting rapid, informed decision-making.
Serving a Range of Industries
FCC Paragon’s AML Check Service supports:
- Letting and estate agents
- Legal professionals
- Financial advisors
- Recruitment firms
- Corporate service providers
Why Choose FCC Paragon?
With years of experience in regulatory compliance, FCC Paragon offers:
- Deep Expertise in UK and international AML laws
- Tailored Solutions specific to each industry
- Award-Winning Service that sets the standard for excellence
Stay Compliant, Stay Protected
FCC Paragon’s AML Check Service is your dependable partner in this new legal landscape. Ensure your business is compliant, secure, and protected from penalties.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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