AML registrations on track for significant growth

Anti-money laundering registrations in the real estate sector are on course to grow by nearly a third in 2022, according to Credas Technologies.

Figures from the verification checks provider show there were 136,913 AML registrations submitted by UK estate agencies in the third quarter of 2022. This represents a drop of 3.7% on registrations in Q2, which Credas interprets as a sign that the pandemic housing boom is starting to slow (since fewer homes being purchased means fewer AML checks for agents to request).

However, the Q3 2022 figure still represents 31.1% year-on-year growth, and is 40% higher than Q3 2020 when the pandemic property boom was beginning to develop.

In total, there have been 460,923 buyers registered for AML checks in 2022 so far. According to Credas, the figure is likely to grow to 540,955 by the end of the year. If the projection is accurate, it will mark a 30% annual increase compared to 2021’s overall registration numbers, and will equate to an average of 1,482 buyers being checked on a daily basis.

Tim Barnett, CEO of Credas Technologies, commented: “A substantial annual increase in AML checks highlights just how busy the market has been in 2022 despite the doom and gloom narrative of the last few months. We’ve also seen an uplift in AML fines issued to estate agents, but both of these metrics indicate that the industry is taking the task at hand seriously and this is great to see.

“However, as we enter a more turbulent period it remains paramount that the nation’s estate agents continue the outstanding example set in 2022 and ensure that AML compliance remains robust.”

 

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