Client Money Protection Scheme and Money Laundering
CMP schemes protect client money (such as rent and deposit monies) which is received by agents. Their schemes make sure landlords and tenants are compensated if an agent cannot repay their money, for example if an agent goes into administration
As with the Money Laundering Regulations 2007, the MLR 2017 requires estate agents to have in place a public risk management system to identify if the beneficial owner is a PEP, or a family member of a PEP or a known close associate of a PEP. The MLR 2017 has expanded its definition to include domestic PEPs.
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