Why Deal Sourcers Must Complete Data Protection & AML Training Every Year

Have you completed your Data Protection and Anti-Money Laundering (AML) training this year? Did you even know this is something you needed to do as a deal sourcer? 

You wouldn't be the first sourcing agent we've come across who wasn't aware! The good news is that it's a fairly quick and low cost fix to get sorted...however before we get into that you're probably wondering why do I need to do this training each year - surely once is enough?

Why Is It Necessary to Complete Training Each Year?

Because things change. Data Protection and AML doesn't necessarily regularly change, but certainly the interpretation of it does change. You could have your certificate on day one and even four or five days later, something could have changed.

This is why it's important to stay up to date even when you've got that training certificate.

It is not a tick box exercise, then for the rest of your business life or even the length of the certificate date that's on it.

This doesn't prove that you have the knowledge necessary for that period of time. It just proves that you've had training at that point.

Make sure you add in reminders to stay up to date. We have made sure that NAPSA Members receive reminders each year before their training is due for renewal. Not only that, we share key updates with them throughout the year on what they need to be aware of. 

Still Don't Believe Us? The Supervisory Bodies Say So...

Now the official recognition for the sector from the supervisory bodies is that we should be doing training at least annually. That's the accepted timeline.

We are talking about both property redress schemes, The Property Ombudsman (TPO) and The Property Redress Scheme (PRS) and HMRC's AML Team. 

Interpretation Does Change & HMRC Are On It

We are currently updating our Data Protection and AML training to include proliferation financing, which HMRC are hot on at the moment and fining people for not understanding and not having the necessary defence mechanisms in place.

If you've never heard of proliferation financing and you're deal sourcing, you're at risk of a fine because your knowledge isn't up to date and that training that you did if you're inspected by HMRC.

We had a sourcer who had trained with us a little over two years ago that believed the training at the time was sufficient. They bought our documents and continued sourcing.

Sadly they were inspected by HMRC and received an 11 page failure report because the knowledge hadn't been kept up to date. The procedures and how they operate haven't been updated and kept up to date. 

How Can I Complete Data Protection & AML Training

You could Google search and we're sure a range of options will come up, however will they be specifically designed for property and deal sourcing? 

We have developed training for the property sourcing sector, to make sure any discussion around data, GDPR, money laundering and security generally works to how you would run your business day to day. 

How do you securely onboard and investor, hold their data, share updates? How do you make checks for proof of funds? 

As we mentioned earlier, it's not just about tick-boxing. Understanding the principles and legislation is what will guide your business to run professionally and legally. 

Our training costs just £95 (£71.25 for NAPSA Members) and will cover you for both Data Protection & AML. The course is fully only, can be completed in less than a day and you'll receive a custom certificate on completion that you can present if requested!