The Guild of Property Professionals is set to host informative webinars next month to help members understand and comply with the new Anti-Money Laundering (AML) legislation coming into effect from May 14. 

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).

Lettings agents must make an official report to OFSI if they have evidence, or reasonable suspicion, that a client has breached financial sanctions regulations. Failure to comply could result in serious consequences, including fines or legal action. 

The sessions will cover key areas including an explanation of Financial Sanctions and the reason lettings agents are now required to complete checks; a demonstration of how these checks can be effectively carried out; the serious implications of failing to complete the required checks; and a dedicated Q&A session.

Paul Offley, compliance officer, will lead the webinars and 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.”