single-image

Estate agents are being fined millions for failing to prevent money laundering – but the fines are 'not publicly being made known'

Trending Stories

Estate agents are being fined millions for failing to prevent money laundering – but the fines are ‘not publicly being made known’

29th January,2018

LONDON — Estate agents are being slammed with “business busting” fines under new anti money laundering regulations, according to the head of the National Association of Estate Agents (NAEA), but the amounts are not public.

Tighter regulations were introduced in 2017 under the Money Laundering Regulations, which require estate agents to do anti-money-laundering checks on both the buyers and sellers of properties.

The industry is also subject to the Criminal Finances Act, which introduced the new criminal offence of failing to prevent tax evasion and additional tools to investigate suspected money laundering and terrorist financing.

At Know Your Customer we understand that these changes in regulation present the real estate business with a number of new challenges, and it appears many agents have fallen behind in meeting their regulatory obligations. The need to comply whilst keeping costs to a minimum and the customer experience excellent is challenging. KYC’s premium KYC & AML case management tool has been developed to ensure regulated markets can keep in line with current AML legislation. By combining an easy to follow workflow and an advanced smart phone app for the smooth transfer of ID and address documents, Know Your Customer is the preferred compliance provider to many regulated businesses

More info
share this

upcoming events

  • 28 February

    Upcoming events

    Digital Finance World 2018 - 8:00

    On February 28th and March 1st 2018, the Know Your Customer team.

    More info