The majority of UK estate agents may now be at risk of breaching anti-money-laundering (AML) regulations following major changes introduced by HMRC last month, according to compliance technology specialist, Coadjute.
On 9 September, HMRC published revised AML guidance that fundamentally redefines what is mandatory. The word "must" appears 212 times in the document, turning dozens of...
Research by Credas Technologies , the leading identity verification checks provider, reveals that the average Anti-Money Laundering (AML) fine handed to the estate agency sector has increased by 63.7%. However, while the average fine issued to estate agents has increased, the sector still ranks with some of the lowest fines issued when compared to other sectors.
Since the UK housing market erupted during the pandemic, demand and activity has shown no sign of dropping. However, the frantic speed at which the market is moving and the strain it has placed on the property industry means some standard checks and balances can be missed or overlooked, clearing the way for criminals to thrive, of whom the most common are money launderers.
Each year there are over 1.5 million homes listed for sale in the UK and the potential sellers of each all require anti-money laundering checks - often there’s more than one check per property in the case of joint ownership.
Since June 2017 property buyers, at the point that an offer is accepted, are required to provide identification for the purposes of the agent carrying out such...
