Avoiding the threat of fines: what’s often missed in the AML process


INSIGHT
Published
Dec 7th '22
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HMRC has fined estate agents over £500,000 for anti-money laundering (AML) breaches in the past two months. Yet despite property managers being aware of the threat of fines and reputational damage caused by money laundering, many are tossing compliance aside
 

New data has revealed that 43% of real estate professionals don’t feel a need to update AML processes as they don’t think they’ll get fined or don’t care. This is ethically and financially alarming: property professionals are more willing to suffer short-term financial hits rather than invest in long-term cost-effective AML solutions.This revelation comes as a further 42% of property managers are now considering cutting compliance costs in the face of recession.

 
Property managers must begin to think strategically and recognise that simply paying the fines is not a sustainable business practice. Why are so many property managers ignorant of AML regulations, when their purpose and benefit to society is so clear?

 

Read the full article, here.

 

Source: Estate Agent TODAY

 

 

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