Agents are widely failing to have mandatory annual audits of their anti-money laundering procedures, it has been claimed.
Rhys David, CEO of identity verification business Credas, said: “The audit is an aspect of compliance that often goes under the radar, despite the fourth AML Directive being in place for two years.
“Failing to carry out these important checks can easily result in an investigation and subsequent fine from HMRC, so it’s vital that property agents cover themselves against any unnecessary risk.”
The fifth AML Directive is coming into force in January and David said that the need for an audit will continue to be significant.
He said that all agents should reassess their procedures between now and then.