On 17 December 2020 HM Treasury published its National Risk Assessment of Money Laundering and Terrorist Financing 2020.
HM Treasury has increased the risk rating of the property sector, estate agency businesses and highlighted compliance failings across industry.
Money Laundering Risk:
- The property sector has increased from medium to high risk.
- Estate agency businesses have increased from low to medium risk.
- Legal services remains at high risk.
Compliance Failings:
- 50% of estate agency businesses advertising properties with a value of £5 million or higher are not registered with HMRC
- Estate agency businesses lack bespoke policies, procedures and controls.
- There is a lack of adequate compliance auditing across estate agency businesses.
- Staff
You can read the full report here
LondonCDD can help you:
1. Revise your Risk Assessment and upgrade your Policy, Controls and Procedures;
3. Advise on broadening the ekyc/digital solution you use;
4. Provide you with a complete solution for your AML concerns.
