tm:talk – The importance of adequate AML checks and ID verification in property transactions.
HMRC recently shared that more than 250 estate agency businesses have been fined for anti-money laundering (AML) failures between April to September 2023, resulting in fines of over £1.6m
The violations include inadequate documentation, failure to conduct due diligence, and not identifying risks associated with Politically Exposed Persons (PEPs), high risk jurisdictions, and entities such as trusts and sanctioned companies. Financial penalties have varied from £1,500 to £50,000 per firm. HMRC has also announced plans to release a detailed list naming the firms that have breached AML legislation, with a view to reinforcing transparency and accountability within the property sector.
In our latest tm:talk, Gary Barker, our new Chief Technology & Operating Officer, talks to Mevludin Dzihic, Chief Technology Officer and Co-Founder of Lawtech Software Group, about the importance of adequate AML checks and ID verification in the property transaction.
The violations include inadequate documentation, failure to conduct due diligence, and not identifying risks associated with Politically Exposed Persons (PEPs), high risk jurisdictions, and entities such as trusts and sanctioned companies. Financial penalties have varied from £1,500 to £50,000 per firm. HMRC has also announced plans to release a detailed list naming the firms that have breached AML legislation, with a view to reinforcing transparency and accountability within the property sector.
In our latest tm:talk, Gary Barker, our new Chief Technology & Operating Officer, talks to Mevludin Dzihic, Chief Technology Officer and Co-Founder of Lawtech Software Group, about the importance of adequate AML checks and ID verification in the property transaction.
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