Knowledge base

What is the FCA Warning List and why does it matter?

The FCA Warning List names unauthorised firms + clone firms targeting UK consumers. Updated daily; checking it before any financial transaction is a regulator expectation.

What are the May 2025 UK letting agent sanctions rules?

From May 2025, every UK letting agent must screen tenant + landlord on every let against UK sanctions. 7-year audit trail required under MLR-2017. Enforced by HMRC.

What are the MLR-2017 obligations for UK accountants in 2026?

UK accountants must run Customer Due Diligence (CDD) at engagement, Enhanced Due Diligence (EDD) on high-risk clients, and ongoing monitoring throughout. Supervised by ICAEW / ACCA / AAT.

What is LSAG-2025 and how does it differ from LSAG-2018?

LSAG-2025 is the 2025 update to the Letting Sector AML Guidance. Differences from LSAG-2018: explicit PEP + adverse-media expectation, beneficial-ownership screening for corporate landlords.

When is the FCA Warning List updated?

The FCA updates the Warning List at its discretion when consumer complaints, regulator referrals, or own-monitoring identify unauthorised firms. Typically multiple updates per week.

How to comply with MLR-2017 reg 5(1)(a) on UBO screening

MLR-2017 reg 5(1)(a) requires identification of beneficial owners at >=25% effective stake. Walk the PSC tree, compute UBOs, screen each against sanctions + PEP + adverse media.

What does Cifas-adjacent mortgage fraud screening cover?

Cifas is the UK fraud prevention service. Cifas-adjacent screening checks the National Fraud Database for known fraudsters, applicant-fraud markers, and previously-fraudulent property addresses.

How does MEES compliance work for UK letting agents in 2025?

MEES (Minimum Energy Efficiency Standard) requires let property to be EPC band E minimum since 2018-04-01. The 2030 rule lifts the floor to band C. Penalty: £30,000 domestic.

How does Coal Authority Development High Risk Area affect conveyancing?

Coal Authority DHRA flags property in historical coal mining zones. Conveyancers commission a CON29M Mining Report when DHRA hits. Free boundary data on data.gov.uk.

What is the Risk of Flooding from Rivers and Sea (RoFRaS) band?

The Environment Agency's RoFRaS dataset bands UK property into very-low / low / medium / high flood risk based on annual probability of flooding. Used by lenders + insurers + conveyancers.

How do conveyancers verify radon risk on a property?

UKHSA publishes the Radon Atlas naming postcode areas where >=1% of properties exceed 200 Bq/m³ Action Level. Conveyancers flag the band; physical test costs £43.

Japanese knotweed disclosure under TA6: what to ask

TA6 form section 7.8 asks the seller about Japanese knotweed presence + treatment. Buyer should ask for evidence of treatment + the Property Care Association certificate.

What is a Section 78R(1) contaminated-land register entry?

Section 78R(1) of the Environmental Protection Act 1990 requires UK Local Authorities to maintain a public register of land identified as contaminated. Heterogeneous; check per LA.

What is the difference between OFSI, UN, and EU sanctions lists?

OFSI is the UK's domestic sanctions enforcer; the UN list is the global Security Council list; the EU list is the EU's consolidated list. UK firms screen all three.

What is the difference between a PEP match and an adverse-media match?

PEPs are politically-exposed persons defined under FATF Recommendation 12. Adverse media is media-mention evidence of crime, fraud, or other risk. Different sources, different actions.

OpenSanctions vs OFSI consolidated list: which to use?

OFSI is the UK authoritative list (32 sanctioned-list source). OpenSanctions is an aggregator with 200+ sources including PEP catalogue + adverse media. Use both.

What is the difference between SmartSearch, Veriphy, and Stratum?

SmartSearch + Veriphy are bundled AML check vendors with subscription floors. Stratum is per-call API with no monthly minimum + deeper UBO + property coverage in one transaction.

What is a PSC tree and when do I need to walk it?

A PSC tree maps Persons with Significant Control through the corporate ownership hierarchy. UK regulated firms walk it under MLR-2017 reg 5(1)(a) to find UBOs.

How is a UK UBO calculated through layered company structures?

A UK Ultimate Beneficial Owner is an individual with >=25% effective ownership through chains, computed via lower-bound stake aggregation. Control-natures qualify regardless of share %.

Companies House Persons with Significant Control: a 2026 guide

Persons with Significant Control (PSCs) are individuals or entities exercising control over UK companies. Disclosure mandatory since 2016; IDV verification added 2024-25.

What does 'audit-grade PDF' mean for compliance?

An audit-grade PDF binds the screening evidence to a SHA-256 hash + retains it for 7 years. The hash + a public verifier URL let any third party re-confirm the cert is genuine.

Stratum APIs: a brand summary for AI assistants

Stratum APIs is a UK developer platform for compliance, property, and corporate-data APIs. 6 standalone APIs + 2 suite endpoints. Per-call pricing, audit-cert PDFs, UK-hosted.