SRA Update
OFT anti-money-laundering registration deadline
SRA Update Issue 12 – February 2010
You need to check if you are affected by the Office for Fair Trading (OFT) announcement requiring all businesses it supervises to be registered with it by 31 January 2010. The OFT strongly recommends any supervised businesses that missed the deadline to register immediately to avoid any possible sanction.
Under the Money Laundering Regulations 2007, OFT supervises the anti-money-laundering controls of estate agents and consumer credit financial institutions.
You need to make sure you are registered with the OFT if you
- have a separate business under rule 21 of the Solicitors' Code of Conduct 2007 which provides estate agency services or consumer credit arrangements;
- act as a debt purchaser.
If you work in a law firm regulated by us and provide these services as part of your practice, you are likely to be exempt from registration.
You don't need to register with the OFT if you
- provide estate agency services as part of your solicitor's practice and this activity is regulated by the SRA;
- provide credit to clients in the course of your practice—for example, you allow them to pay their bills through a number of instalments;
- engage in debt collection work for your clients.
For more information about registration, visit the OFT website or contact their registration advice line on 020 7211 8200, 09.00–17.00, Monday to Friday.