Regulation 10

take appropriate steps to identify, assess and understand the money laundering, proliferation financing and terrorism financing risks in relation to the acquisition or disposition of each property by the client for which the licensed estate agent performed estate agency work; (b)for the purpose of sub‑paragraph (a) —

document the risk assessments;

consider all relevant risk factors for the purpose of determining the appropriate measures to be applied to mitigate the risks identified;

keep the risk assessments up to date; and

provide the risk assessments to the Council upon request;

develop and implement internal policies, procedures and controls to manage and effectively mitigate money laundering, proliferation financing and terrorism financing risks identified by the licensed estate agent or notified to the licensed estate agent by the Council;

take enhanced measures to manage and mitigate the risk of money laundering, proliferation financing or terrorism financing where higher risks are identified;

have an ongoing programme to train registered salespersons of the licensed estate agent on the internal policies, procedures and controls in sub‑paragraph (c); and

monitor the implementation of the internal policies, procedures and controls in sub‑paragraph (c), and enhance them if necessary.

the licensed estate agent must conduct internal checks and independent audits to ensure compliance with Part 4A of the Act and these Regulations; (b)the licensed estate agent must monitor the implementation of the internal checks and independent audits conducted under sub‑paragraph (a);

the licensed estate agent must take appropriate rectification measures to address any non‑compliance discovered under any internal checks and independent audits conducted under sub‑paragraph (a);

the licensed estate agent must appoint a designated officer as its compliance officer to ensure compliance with Part 4A of the Act and these Regulations.