With just a week left until new financial sanctions legislation come into force, letting agents across the country are preparing themselves for the new rules.
The Guild reports that more than 450 member agents attended their webinars last month, designed to help prepare agents for new compliance requirements.
The webinars addressed the significant changes impacting the lettings sector, specifically the new requirement effective from 14 May or all lettings agents to conduct UK Financial Sanctions checks and report suspected breaches to HM Treasury’s Office of Financial Sanctions Implementation (OFSI).
Led by Paul Offley, the sessions covered key areas vital for member preparedness, including a clear explanation of financial sanctions and why lettings agents are now included in the scope.
There were also practical demonstrations on how required checks can be effectively carried out, an outline of the serious implications and potential penalties for failing to comply, as well as a dedicated Q&A segment allowing members to address specific concerns directly with the compliance officer.
Financial sanctions legislation will significantly impact letting agents by requiring them to implement robust compliance procedures to identify and prevent transactions with sanctioned individuals or entities. This includes conducting thorough checks on potential tenants and landlords against official sanctions lists, potentially requiring enhanced due diligence for higher-risk clients, and establishing clear internal policies and training for staff. Failure to comply can result in severe penalties, including hefty fines and reputational damage, necessitating a proactive and diligent approach to compliance for all letting agents.
“The introduction of these new regulations is a significant change for the lettings sector, and it was vital that our Members were fully prepared,” said Offley. “The high attendance across the April webinars, with over 450 members joining us, demonstrates the importance of this topic and our Members’ commitment to upholding the highest standards of compliance. We are delighted with the positive engagement and feedback, reinforcing The Guild’s role in providing timely and essential support.”
