Over 80% of estate agents think they fully understand anti-money laundering regulations – yet only 65% believe that their firms are meeting the requirements.
The finding emerges from new research by iamproperty, carried out among 150 agents between January 13 and 23.
It also found that only 46% of agents believe that the regulations are equally understood and implemented by agencies across the country.
Half think that the regulations are “somewhat clear” but 11% find them unclear.
Despite it being a regulatory requirement, 40% of agents questioned do not have annual training in AML.
The research also found that 38% of agents believe that the 10% drop in reports of suspicions were due to a difficult selling market and a heightened fear of losing sales.
A further 20% felt the drop could be due to agents having little time to report any activity they perceive as suspicious.
To be fair we reported two fake passports that failed physical and online checks and SARS system is not set up for this – NCA basically said they didn’t want to know! Passport Agency were useless too – what’s the point?
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