Letting agents face more AML regulations after draft EU bill published

Letting agents in the UK face having to conduct mandatory anti-money laundering checks on tenants paying more than £8,800 a month in rent, it has been revealed, and may also have to electronically check identities as a matter of course.

These requirements have been inserted into the latest Anti Money Laundering Directive by the EU several days ago which, despite Brexit, is likely to make it into law within 18 months.

Although £8,800 or more a month might sound like an elite slice of the lettings industry, in London over 5% of the market or nearly 3,000 properties would be affected.

Read the full story in The Negotiator here.