Money laundering is most likely to wash with your local estate agent

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Money laundering is most likely to wash with your local estate agent

26th February, 2018

In this article, Chris Skinner explores the impact of real estate investments for money laundering purposes.

Interestingly, he remarks how “research by anti-money laundering specialists Fortytwo Data shows nearly four in 10 (37%) of all suspicious activity reports (SARs) across the entire legal sector relate to either residential or commercial conveyancing”.

After comparing the perceived risk of using cryptocurrencies to launder illicit funds with the actual impact of money laundering through real estate investments, Skinner concludes: “In other words, the $1.6 trillion of money being laundered every year by criminals is far more likely to wash its way through your local estate agent than the cryptocurrency network”.

At Know Your Customer, we follow real estate trends and regulations very closely due to the relevancy of the sector to our business.  “We are seeing a marked increase of interest in our integrated KYC and anti-money laundering platform from real estate agents and auction houses”, our CEO Claus Christensen commented recently.

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