A group of leading estate agents have aired their frustrations about the way anti-money laundering rules are being implemented in the UK .
This includes complaints that members of the public are too ignorant of rules and that there is too much duplication of work created by the multiple government agencies involved.
The forum included 14 of the industry’s best-known businesses including Chestertons, Kings Group, Miles and Barr, auctioneer I Am Sold, Millbank, Laurent Residential, AZ Real Estate, Winkworth Franchising, Legal Eye, Warnerheath, Jeremy Leaf, Remax and LDG Estate Agents.
Held during last week’s Geovation event in the City of London, the roundtable discussions centres on how AML regulations were being implemented too unevenly across the industry.
“The meeting involved an excellent cross-section of those operating in the agency sector including small independent and larger estate agency groups, franchised businesses, buying agency and auction houses,” says its chairperson Michael Day of Integra Services (pictured, above).
“There was considerable experience in the room but also a reasonable degree of frustration amongst delegates as to the inconsistencies of approach, compliance and policing across the sector.
“Many of the same frustrations and challenges are also faced [by companies] in the conveyancing and legal sectors.”
The meeting was facilitated by Thirdfort, a leading provider of identity, source of funds (AML) and security checks for lawyers and estate agents.
Michael Day : “The meeting was never going to find a straightforward solution to an increasingly difficult area of compliance. There was however a consensus that a more ‘joined up’ approach, better public understanding and subsequent stronger enforcement should be achievable.”