Anti Money Laundering Risk Assessment
Risk Assessment for Highfields Letting Agents.
We are a traditional Letting Agency business with 1 branch acting for clients in and we restrict our marketing to properties only within our postcode areas.
Typical rental values for our business range from £500 to £900 per calendar month and it would be unusual for us to agree tenancies which have a rental income higher than £1500 per calendar month.
All our clients are Landlord’s who do not live in the property that we have been instructed to rent and on occasions we act for clients who do not live locally or may live abroad.
Looking at our current list of Landlord’s the following MI is reported: -
· Landlord’s living in the UK 100%
· Landlord’s living outside the UK 0%
· Landlords with complex ownership structures 0%
· Landlords who are companies or trusts 0%
We will not establish any business relationship where we know they are on the financial sanctions list.
We will not accept any cash payments of any kind and will not accept any payments other than for services which we provide – the only payment methods we will accept are bank transfers.
We have processes in place to ensure our branch understand the obligations, follow the process as stated in our policy and remain diligent and vigilant to identify any signs of potential money laundering activity.
Based on this assessment; our view is that our business is at a low risk of exposure to money laundering activities by customers who use us. This does not mean that the business is complacent, and we will continue to monitor the situation and take remedial action where required.