Identifying the Beneficial Owner of Companies & Trusts

The use of corporate entities such as companies and trusts have been shown to the favoured modus operandi of criminals seeking to launder criminal proceeds in the housing market, whether in Central London or any other part of the UK. Latest estimates put the amount of “dirty money” held in the UK housing market in excess of £5 billion, and the use of complex corporate structures has been central to this.

This webinar explained the legal obligations placed upon a property professional when forming a “business relationship” with a corporate entity, and will detail the practical steps required to clearly identify the Ultimate Beneficial Owner of a company or trust, thereby ensuring compliance with the Money Laundering Regulations 2017.

The five learning points were:

• How companies and trusts are used for money laundering in the housing market
• The difference between a company and a trust when it comes to CDD
• The essential documents required for Customer Due Diligence
• How to identify who the beneficial owner is
• The major pitfalls when it comes to dealing with corporate entities

Jerry Walters tragically passed away in June 2021. He was a brilliant guest and will be greatly missed by everyone who worked with him at Rightmove.