Estate agents have admitted that they fail to follow the UK’s laws enough to prevent money laundering as well as they should.
More than four in five estate agents think they fully understand anti-money laundering regulations (AML), but just 65% believe that the company that they work for fully follow them, according to a new survey by iamproperty, the PropTech startup, which polled 150 agents.
“This research has given us a revealing new insight into the understanding of and adherence to the increasing regulatory burden facing estate agents,” Ben Ridgway, group managing director at iamproperty, told PropertyWire.
“Under the current regulatory environment, it’s never been more important for estate agents to undertake a thorough examination of each and every sale, using whatever tools they can to reduce the impact on their business.”
The news comes as the EU implemented its Fifth Anti-Money Laundering Directive in January and the sixth update being just a few months away.
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