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Our firm is considering becoming a Home Information Pack (HIP) provider. Do the new Money Laundering Regulations 2007 apply to the provision of this service?

April 26, 2017considering firm hip Home laundering money pack Provider

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Our firm is considering becoming a Home Information Pack (HIP) provider. Do the new Money Laundering Regulations 2007 apply to the provision of this service?

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No. The new regulations which came into force on 15 December 2007 contain a specific exclusion in reg 4 (1)(f) regarding HIPs, which states: ‘these regulations do not apply to …. a person, when he prepares a HIP or a document or information for inclusion in a home information pack.’ Please see the anti-money laundering (AML) practice note, chapter 1.