Sniffing out money laundering can’t be
left to your senses anymore

In a world of increasing competition for property sales, where commissions and fees are declining, Estate Agents are now faced with even more hoops to jump-through.

Since 2017, Estate Agents have been subject to more far reaching and stringent AML regulations, which include a requirement of due diligence and further checks carried out on both the vendor and the buyer during every property sale. Failure to do so, could see agencies fined and even imprisoned.

You have a legal requirement to complete thorough checks – to truly know your customer – if you are to fulfil your obligations in the detection of money-laundering.

 

We’ve done the research

According to our recent study, 80% of Estate Agents felt that they fully understood the industry’s anti-money laundering (AML) regulations, yet almost a third did not think their agency met the HMRC requirements. The research told us that almost a third of Estate Agents were still managing their compliance manually and relying on their instinct to flag concerns with an aspect of a sale.

“Under the current regulatory environment, it’s never been more important for Estate Agents to undertake a thorough examination of each and every sale, using whatever tools they can to reduce the impact on their business”

Ben Ridgway, Managing Director at iamproperty

But, can you really smell the difference?

To put you to the test, we’ve been working hard to create the scents of laundered and non-laundered money.

Our research tells us…

“Despite the regulatory requirement, 40% of Estate Agents did not partake in annual AML training.”

“Almost a third of Estate Agents were still managing their compliance manually and relying on their instinct to flag concerns with an aspect of a sale.”

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