The Government enacted the Money Laundering Regulations 2017 on 26 June.

The Government enacted the Money Laundering Regulations 2017 on 26 June.

Changes made by the regulations to pre-existing rules significantly affect the way that providers of affordable housing must carry out anti-money laundering (AML) checks

Particular issues can arise where social housing tenants exercise Right to Buy.

In those circumstances, providers should not rely on purchasers’ solicitors carrying out AML checks. They need to carry out their own risk assessment, factoring in what is known about a tenant’s financial circumstances. Another difficult area can be rent arrears, where tenants may produce large sums at short notice to avoid eviction.

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