Do I need AML (Anti-Money Laundering) registration for rent to rent?
Welcome to episode 12 of 'Ask The Angels' where we answer your rent to rent questions.
We’ve had a really good question here today from Sonya about AML registration which is anti-money laundering…
“I’m getting conflicting information about this and was hoping you could clear this up for me!
I have applied for a business bank account. They have requested my AML registration details.
I have been told that I don’t need this for rent to rent. I looked on the government website and from there my understanding is that you only need it if your transactions will exceed £10k or more? Others are telling me that I need it.
It costs £300 per property or office (I’m not sure which!).
What is your opinion on this?
I would very much appreciate it as it’s another expense I could well do without as I’m not even managing any properties yet!”
I meet so many people who’ve wasted money on things they don’t need and had the stress of scrambling around for information and receiving conflicting information from all sides because they’re trying to save money!
And the irony is, it ends up costing them money.
That’s why it’s so important to know the details.
Whatever new business you’re starting there is so much to know and so many shortcuts, make sure you’re starting from clarity instead of confusion.
If you’re new with us today check out our free Free Rent 2 Rent Success Masterclass
Ask your question!
If you’d like to have your question answered go to rent2rentsuccess.com/ask and record your question from me to answer for you.
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Until next time, have a great rest of the week.
And remember, Believe Bigger, Be Bolder and Be a Gamechanger!
See you soon!
Stephanie & Nicky
xx
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