Estate agents have called on the trade and professional bodies to do more to help industry compliance with anti-money laundering rules.
Attendees at a round table on AML expressed frustration at what they saw as the unnecessary complexity of compliance, and the lack of enforcement.
They said that bodies such as the NAEA, RICS and Law Society should work more closely with the Government to reduce duplication on the number of checks having to be made, and create more opportunities to share information.
The round table, chaired by Michael Day, looked at how businesses were carrying out their obligations.
Day said: “The meeting involved an excellent cross-section of those operating in the agency sector including small independent and larger estate agency groups, franchised businesses, buying agency and auction houses.
“There was considerable experience in the room but also a reasonable degree of frustration amongst delegates as to the inconsistencies of approach, compliance and policing across the sector.
“Many of the same frustrations and challenges are also faced in the conveyancing and legal sectors.
“The meeting was never going to find a straightforward solution to an increasingly difficult area of compliance.
“There was however a consensus that a more joined-up approach, better public understanding and subsequent stronger enforcement should be achievable.”
The meeting was facilitated by Thirdfort, a provider of ID and other AML checks.