New research spotlights AML compliance vulnerabilities for estate agents
This comes amid the news that almost 200 estate and lettings agents have been fined by HMRC for AML failings
New research from client due diligence platform Thirdfort reveals that senior managers in estate agencies are not taking AML compliance seriously enough. Despite many taking the threat of money laundering very seriously, some 54% of compliance leaders in estate agencies surveyed report that their firm’s senior managers do not take AML compliance seriously enough.
This research comes amid challenging conditions for estate agents on AML compliance. Last month, HMRC issued firms to 194 estate and lettings agents for AML failings. HMRC issued fines totalling £1.09m to firms in the sector.
The research from Thirdfort also shows that around half (52%) of compliance leaders in estate agencies think their firm’s processes for ensuring compliance with AML regulation are effective.
Olly Thornton-Berry, co-founder and CEO at Thirdfort, said:
“We were surprised and disappointed to find that half of senior managers in estate agents are not taking AML compliance seriously enough. We work with many brilliant firms and compliance leaders who are at the forefront of protecting their firms and society from the risks of fraud and money laundering.
“Yet, our research shows a worrying vulnerability in attitudes to AML compliance by many. Money laundering continues to be a problem for the UK economy, and all firms have a moral and legal responsibility to play their part in preventing it. There is no excuse in an age where technology can make client due diligence simple and secure.”
Thirdfort’s mission is to protect society from fraud and money laundering. The platform offers simple and secure client due diligence checks for regulated professionals, through automated ID verification, anti-money laundering and Source of Funds checks on individuals and businesses conducting high value transactions such as buying property, drafting a will or instructing a financial advisor.
You May Also Enjoy
New Housing Secretary must focus on delivery, says FMB
Industry Response to the Resignation of Angela Rayner
Halifax figures show third consecutive month of growth – Thoughts from the Industry
House prices continue to rise at a steady pace
From offer to ownership: The risk of celebrating your mortgage too soon
