Are private landlords required to perform these checks? I know that estate agents are now required, but it appears that the information is a bit mixed about whether or not landlords must perform AML checks. For example, from two separate sources I found this, “As a private landlord, money laundering regulations aren’t going to affect you unless you let your property through an agent,” and also this, “The person who sets up the business relationship is responsible for conducting AML checks. Therefore, a DIY landlord will be responsible for carrying out AML checks on their tenants.”
I am surprised if this is required that it would not be covered by OpenRent services, so I was wondering if any other landlords are performing these checks? Thank you!
Hi Heather, I’m not legally trained but my understanding is that this is not something landlords need to worry about too much, as it relates to receiving large amounts of cash (e.g. over €10,000).
I’m not sure what checks you are referring to specifically but I believe the relevant legislation can be found in Article 2, DIRECTIVE (EU) 2015/849 and Article 3 Article 1, DIRECTIVE (EU) 2018/843.
What are the sources for the quote you give?
Hello, I believe that the threshold would have to be over €10,000 per month in rental yield for AML checks to be required, so this shouldn’t be an issue for most private landlords dealing with one or two properties.
If you want to find out more about AML checks for estate agents - there’s a great resource here: AML checks for estate agents can be easier – here's how - Veya