Buying and selling property is one of the most common methods of money laundering, due to high transaction values.
That’s why it’s essential for estate and letting agents understand their responsibilities when it comes to anti-money laundering (AML) compliance.
Mark Hayward, chief policy advisor at Propertymark, says: “Property is often seen as a gateway to money laundering and it’s essential that estate agents are aware of their duty in carrying out the right checks, and reporting any suspicious activity.”
As a result, all agents must comply with the HMRC regulation on money laundering, with risk of fines or prosecution for those who don’t.
The government regularly updates this money-laundering guidance document for estate agents.
It lists the responsibilities if you’re an estate agency owner or senior manager. As well as what the business should do in case there’s exposure to fraud or money laundering. These include, but aren’t limited to:
Our latest partnership with trusted provider SmartSearch makes carrying out AML checks quick, easy and reliable. Plus, you can do this without leaving Alto and in half the usual steps.
With our new integration you’ll benefit from:
To discover more time-saving benefits of our new AML integration, visit Alto Agenda. You’ll also be able to keep up with all the latest features, functionality and partnerships as they’re released.
Alternatively if you’re new to Alto and interested in AML, book a free, no-obligation demo today.