The 5th Directive - Anti-Money Laundering

As from the 10th January 2020, all letting agents who manage properties which, INDIVIDUALLY, have an income of 10,000 Euros or more per month, must now comply with regulations set out in the 5th Money Laundering Directive.

From May 2020, all letting agents across the UK have 12 months to register with HMRC if they sit within the requirements set out above. Even though the registration portal is not yet available, Customer due diligence (CDD) checks must be carried out new tenants and landlords on or from 10th January 2020. This process will also apply any existing tenancy is renewed after this date, meaning that letting agents will need to carry out  CDD checks at that point .