Money Laundering Regulations 2017: government rush threatens a teething period for property auctioneers

Hogan Lovells

[co-author:

New money laundering regulations could prove to be a headache for property auctioneers until those affected get to grips with the changes, according to leading figures in the industry.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the “Regulations”), as laid in Parliament on 22 June 2017 and coming into force just four days later on 26 June 2017, replace the previous regulations (the Money Laundering Regulations 2007 (MLR 2007) and the Transfer of Funds (Information on the Payer) Regulations 2007) and are intended to improve upon and plug certain gaps in the MLR 2007. The Regulations transpose the EU’s 4th Anti Money Laundering Directive into UK law and impose (amongst other changes) more rigorous due diligence demands on all those affected, including property auctioneers, requiring them to conduct more thorough due diligence to verify the identity

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