Iamproperty smell the difference whitepaper SMC V003 - Flipbook - Page 13
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Conclusion from Ben Ridgway
Conclusion from
Ben Ridgway, Group
Managing Director at
iamproperty
This research has given us a revealing new insight into the understanding of and adherence
to the increasing regulatory burden facing Estate Agents. Under current regulation it’s never
been more important for Estate Agents to undertake a thorough examination of each, and
every sale, using whatever tools they can to reduce business impact.
Money laundering has become increasingly complex in the last few years with more faceless
transactions and anonymous bank transfers. It’s no longer a case of a house-buyer turning
up with a bag of cash. Our relationship-focussed industry needs to rely on a more robust
technological approach to sussing out issues with money laundering.
As an industry that previously relied on a friendly approach, a good handshake and our
instincts, we now need to take a step back and rely on an additional layer of technology. It
is no longer ok to trust that relationship or just a gut feeling, and Estate Agents that do are
putting themselves at risk.
HMRC are clamping down on firms and the threats of fines are being seen. Firms need to act
now to take a fully compliant approach.
The campaign ‘smell the difference’ was created to launch iamproperty’s new compliance
product, the only AML compliance offering designed with Estate Agents in mind; offering
integrated risk assessments and certifications, a comprehensive suite of educational
resources, ongoing support from Compliance Matters with a compliance helpline and
integration with Land registry. An end-to-end compliance product specifically designed for
Estate Agents. This product removes all of the stress, hassle and uncertainty of managing
AML compliance from business owners.
