Upmarket lettings agents face substantial changes after new AML comes in
19 December 2019
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As property professionals struggle to get to grips with the 4th EU anti-money laundering (AML) Directive, along comes the 5th due to come into force by the 9th January 2020.
The legislation that will be based on the 5th Directive concerns letting agents and in particular those operating at the higher end of the market.
The recommendation, and all the evidence points to the fact that it will be the case, is that a rental property which attracts a rental figure of €10,000 Euros per calendar month or its currency equivalent will mean that the agent letting that property, must comply with the new regulations.