Add to Wishlist

AML Training for Estate Agency

Course available for 180 days
Get course
Duration: 2 hours
Lectures: 9
Video: 2 Hours
Level: Intermediate
AML Training for Estate Agency

Aml training for estate agency courses provides a comprehensive understanding on how to prevent money laundering in the real estate sector. The course covers the various methods used to launder money, the red flags of money laundering and the different ways to prevent it. The course is beneficial for those working in the real estate sector as it provides them with the knowledge and skills needed to identify and prevent money laundering.

Buying or selling a home is a major financial (and emotional) undertaking and while doing the work yourself can save you the significant commission rates many real estate agents command, for many, flying solo may not be the way to go–and could end up being more costly than a realtor’s commission in the long run. However, the abuse of the real estate sector in the form of land or buildings has long been described as one of the oldest known ways to launder ill-gotten gains. In countries like Germany alone, $30 billion of uncertain origins entered the real estate market in 2017.

The ABM Global Compliance web-training course about Estate Agency is here to create awareness in growing criminal cases as a result of high profile examples of money laundering through real estate in a number of EU cities.

This course will also make you certified not only in terms of training, but also to show your skills off to the professional world and grow with the world’s top compliance regulatory firms with the same goal and motivation as yours.

In this web training course, we will touch on 6 important topics including:

  1. Introduction to Estate Agency.
  2. HMRC Guidance for Estate Agency Business.
  3. Responsibilities for Senior Management.
  4. Policies, Procedures & Controls.
  5. Politically Exposed Persons & Suspicious Activity.
  6. Reliance on Third Parties.

If you are interested in learning all about these topics, enrol to this course right away! Follow the enrolment procedure given in this website to gain full access to the training course. Till then, hope see you later in this course!

Importance of AML training for estate agents

AML training is important for estate agents because it helps them to understand the requirements of the AML legislation and how to comply with them. It also helps them recognize the signs of money laundering and know what to do if they suspect a transaction may be related to money laundering.

Estate agents are often the first point of contact for money launderers. This is because they are involved in large transactions and often deal in cash.

As a result, estate agents have a legal obligation to report any suspicious activity to the authorities.

Under Anti-Money Laundering (AML) regulations, estate agents are required to complete AML training so that they can identify and report suspicious activity.

The training covers topics such as what money laundering is, how to spot it, and what to do if you suspect someone is trying to launder money. By completing AML training, estate agents can play a vital role in preventing money laundering.

Key elements of AML training for estate agents

The key elements of AML training for estate agents are to ensure that they are familiar with the Money Laundering Regulations, the National Crime Agency’s guidance on money laundering, and the risks associated with estate agency work.

They should also be aware of the procedures that need to be followed in order to comply with the regulations and be able to identify suspicious activity and transactions.

Risk of Money Laundering in Estate Agents

There are a few reasons why there is a risk of money laundering in estate agents:

  • Estate agents are often paid in cash, which makes it easier for criminals to launder money.
  • Estate agents often deal with large amounts of money, which makes it easier to hide illegal activity
  • Estate agents often have access to properties that can be used to hide or store illegal assets.

Criminals always look for new ways to launder money, and estate agents provide a unique opportunity. By using estate agents, criminals can avoid detection and move their money around without raising suspicion. This makes it difficult for authorities to track and investigate illegal activity.

Estate agents need to be aware of the risks of money laundering and take steps to protect themselves. They should always verify the identity of their clients and be suspicious of any transactions that seem unusual. They should also report any suspicious activity to the authorities.

Reason to choose us for anti-money laundering training for estate agents:

There are many reasons to choose us for your anti-money laundering training for estate agents. Here are just a few:

  1. Our experience: We have been delivering anti-money laundering training to estate agents for many years, so we know what works and doesn’t.
  2. Our knowledge: We keep up to date with changes in money laundering legislation and guidance, so you can be sure you’re getting the most up-to-date training.
  3. Our approach: We believe in making our training engaging and interactive, so you’ll be able to retain and apply what you’ve learned.
  4. Our price: We offer competitive rates for our training, so you can be sure you’re getting value for money.

How can estate agents ensure they are compliant with AML regulations?

There are a few key things that estate agents need to do to ensure they are compliant with AML regulations.

Firstly, they need to have a robust customer due diligence process. This means they need to know who their customers are and understand their financial circumstances well.

Secondly, they need to have systems and controls in place to prevent and detect money laundering. This includes things like training staff on how to spot signs of money laundering and having procedures in place for reporting suspicious activity.

Finally, they need to make sure they keep up to date with changes to the AML regulations and make sure their policies and procedures reflect these changes.

Frequently asked questions (FAQs):

What is AML training for estate agents?

AML training for estate agents is a training course that helps estate agents learn about money laundering and how to prevent it.

Who needs to take AML training for estate agents?

All estate agents who want to learn about money laundering and how to prevent it need to take AML training for estate agents.

How long does AML training for estate agents last?

AML training for estate agents generally lasts around 2 hours.

What will I learn during AML training for estate agents?

During AML training for estate agents, you will learn about what money laundering is, how to recognize it, and what you can do to prevent it.

How much does AML training for estate agents cost?

There are several factors that can affect the cost of anti-money laundering training in the UK, including the training provider, the level of the course, and the delivery method. The AML training for estate agents course costs £150.

1
Estate Agency Course Preview
01:55

Buying or selling a home is a major financial (and emotional) undertaking and while doing the work yourself can save you the significant commission rates many real estate agents command, for many, flying solo may not be the way to go and could end up being more costly than a realtor's commission in the long run. However, the abuse of the real estate sector in the form of land or buildings has long been described as one of the oldest known ways to launder ill-gotten gains. In countries like Germany alone, $30 billion of uncertain origins entered the real estate market in 2017.

2
Module 1: Introduction to Estate Agency
18:03

There are many money methods used in selling and buying real estate. Criminals can purchase real estate using cash, and real property can be hidden. There are many other methods criminals use to washing money in the real estate industry.

This chapter is will give you the basic knowledge and understanding what Estate Agencies are and how agents deal with property sellers and buyers without committing and fraud.

It is highly important to learn about the many methods of money laundering, and criminals are discovering new ways every day, where one of the most used methods is real estate.

3
Module 2: HMRC Guidance for Estate Agency Business
12:08

As we learn in depth about guidance and instructions given by the HMRC (Her Majesty’s Revenue and Customs) in starting a real estate business and how to comply accordingly. 

All individuals and legal entities who are within or undertake activities within the UK’s territory must comply with the EU and UK financial and legal laws and requirements in order to meet the property seller, buyer and government requirements.

It is important to understand the requirements for different customers to prevent from all sorts of criminal activity.

4
Module 3: Responsibilities for Senior Management
10:17

It is a duty for all senior management within the company to teach and bring awareness to their staff about theft and criminal activity in estate agency businesses. 

This chapter will give a detail look about the ways the client’s property is protected and safeguarded from criminals who want to steal and misuse the money for illegal means.

The firm must be able to understand all the ways that an estate agency business could be exposed to money laundering and terrorism financing risks, and design systems to deal with them.

5
Module 4: Policies, Procedure and Controls – Part1
14:54

This chapter discusses all about different Acts and Laws passed in terms of Money Laundering and Terrorist Financing for each estate agent and estate agent businesses to comply with.

This chapter makes it clear on hiring a nominated officer or compliance officer to receive reports of suspicious activity from staff and decide whether to report them to the National Crime Agency.

All of these regulations are a must for each estate agency business to act upon, or else they will face serious penalties against it.

6
Module 4: Policies, Procedure and Controls – Part2
18:09

It is a duty for all senior management within the company to teach and bring awareness to their staff about theft and criminal activity in estate agency businesses. 

This chapter will give a detail look about the ways the client’s property is protected and safeguarded from criminals who want to steal and misuse the money for illegal means.

The firm must be able to understand all the ways that an estate agency business could be exposed to money laundering and terrorism financing risks, and design systems to deal with them.

7
Module 4: Policies, Procedure and Controls – Part3
09:11

It is a duty for all senior management within the company to teach and bring awareness to their staff about theft and criminal activity in estate agency businesses. 

This chapter will give a detail look about the ways the client’s property is protected and safeguarded from criminals who want to steal and misuse the money for illegal means.

The firm must be able to understand all the ways that an estate agency business could be exposed to money laundering and terrorism financing risks, and design systems to deal with them.

8
Module 5: Politically Exposed Persons and Suspicious Activity Report
18:15

This chapter will talk about persons that are entrusted with prominent public functions, held in the UK or abroad. These politically exposed persons take benefit from illegally handling property businesses, due to which risk assessment is necessary on these persons.

This chapter also emphasizes on creating reports to the regulatory authorities if a staff notices any suspicious activity in terms of property and real estate businesses. 

Customer due diligence, enhanced due diligence on these persons are also one of the important key points highlighted in this chapter.

9
Module 6: Reliance on Third Parties
13:36

This chapter discusses all about the benefits and drawbacks of involving a third party between the estate agency business and the customer. 

This chapter also talks about the penalties faced if the third parties fail to do their desired tasks or are involved in any criminal activity, which is why it is essential for these estate agency businesses to comply with the rules set out by the NCA.

Tipping off, Record keeping, and Trainings and staff awareness are one of the policies mentioned in this chapter.

10
Estate Agency Quiz
30 questions
AML Training for Estate Agency