Money laundering is the process by which the profits of illegal activities are disguised and made to appear legitimate. The National Crime Agency’s National Strategic Assessment of Serious and Organised Crime 2018 states that there is a realistic possibility that the scale of money laundering impacting the UK annually is in the hundreds of billions of pounds.
Money laundering is not only a crime itself, but also a key enabler of other serious crimes such as modern slavery, drugs trafficking, fraud, corruption and even terrorism.
What does this mean for estate and lettings agents?
Anti-money laundering (AML) has become tougher over recent years. For estate agents, this means increased pressure to comply and much bigger fines than ever before for failure to do so.
The market is tough, and with implications of COVID-19, there is likely to be more pressure on estate agents to make up for lost time and recover sales within their businesses. Research by Onepoll before lockdown, already suggested that time and sale pressures were causing many Agents to overlook important steps in compliance processes, potentially putting themselves and their businesses at risk.
iamproperty compliance was developed by estate agents, for estate agents to take the complication out of AML compliance.
It’s the most cost-effective AML service available, helping to reduce your admin burden, save you time and give you peace of mind that your agency has compliance covered.
- An online, real-time risk assessment tool providing immediate results for vendors and buyers
- Two levels of ID verification checks, giving you the flexibility to choose the right level of AML assurance
- Educational content and resources, including a video library designed to help you fulfil training, with annual certification available
- Property Register searches to quickly identify property ownership
- Automatic updates on new legislation
- Live chat support and a compliance helpline from Compliance Matters
- PLUS a full integration with HM Land Registry, for pay-as-you-go Title Registers and Title Plans