Search Results for: aml
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Supplier advice
AML legislation is changing and you need to change too
Tightening AML legislation is making life tough for estate agents. But Ben Robinson believes this is an opportunity to be more efficient and increase customer satisfaction.
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Anti-money laundering
Estate agents heavily criticised by MPs within parliamentary report on AML
High profile Treasury Select Committee says agents are weakest link in war against AML after hearing from NAEA Propertymark and National Crime Agency.
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Anti-money laundering
Countrywide given £215,000 fine for not complying with AML rules
Countrywide has received the largest ever published fine given to an estate agent for non-compliance with anti-money laundering regulations, the Negotiator has been told.
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Latest property news
Estate agents heavily criticised by MPs within parliamentary report on AML
Report form Treasury Select Committee says agents are weakest link in fighting AML after hearing from NAEA Propertymark and National Crime Agency.
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Latest property news
Countrywide given £215,000 fine for not complying with AML rules
Troubled firm, which is about to publish its full 2018 results, has received the highest-ever published fine given to an estate agent.
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Latest property news
AML alert – estate agents are to be targeted by government as ‘too few’ report suspicious transactions
Read how security minister Ben Wallace has warned estate agents that they face close scrutiny as 'too few' make Suspicious Activity Reports'.
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Guest Blogs
Would your estate agency survive an AML spot check?
The electronic age has made fraud much easier for criminals, but at the same time offers a solution to agents to help spot it and be AML compliant.
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Latest property news
Letting agents face more AML regulations after draft EU bill published
Letting agents will soon have to run identity checks on all tenants paying more than £8,800 a month in rent following new EU draft directive on AML regulations.
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Movers & Shakers
New Principal for Tamlyns
Jemima Bennett is the new Principal and Director at the Bridgwater based firm Tamlyns, Chartered Surveyors, Valuers & Auctioneers.
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Latest property news
Fifth of all agents fined for AML non-compliance
Nearly a fifth of all estate agents have been fined for non-compliance with the UK’s recently-introduced Anti Money Laundering (AML) regulations, it has been claimed. The research has been carried out by online identity verification service firm Credas, which says it believes agents were not given enough time or information by the government to prepare for AML, with predictable results. It polled 100 agents and found 19% of them had been fined for AML non-compliance by an average £11,842, although a third had been fined much more, at between £15,000 and £25,000. One of the duties estate agents must complete to be compliant with AML regulations is to store all their documentation relating to clients, financial transactions and other Anti Money Laundering paperwork. “We are concerned that 32% of the agents surveyed are still using a paper filing system to store their AML data,” says Credas CEO Rhys David (left). “There are so many digital solutions available on the market which will help agents with data storage and management, that there is no need to still depend on an old-fashioned filing cabinet and introduce risk. “Credas solves both those problems as it stores all the AML data in a secure…
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