The UK government updated AML Regulations in June 2017 with immediate effect leaving many Estate Agents non-compliant and in limbo with regards to what they have to do.
The Money Laundering Regulations ensure businesses at risk of being used for money laundering by criminals and terrorists have controls in place to minimise the risk of this happening.
- The average fine for Estate Agents in England is £12,000 with over 20% saying they have already been fined.
- It’s estimated that the total time that Estate Agents spend on AML checks amounts to one week, every month!*
- It’s a legal requirement to appoint a Money Laundering Reporting Officer (MLRO), with individuals and businesses risking prosecution for not taking action.
What’s an MLRO and why you need to appoint one?
By law, estate agencies must appoint a Money Laundering Reporting Officer (MLRO), who must be senior within the business. The MLRO is responsible for the implementation of the internal AML policies and procedures, and any AML framework should exhibit good governance.
How can Credas help with AML Regulations?
Credas provides a simple, quick and cost-effective way to assist your anti-money laundering compliance process.
Our platform combines ID verification and real-time facial recognition. We remove the manual effort required to carry out necessary due diligence, helping you comply with AML Regulations.
With the Credas platform, you can verify customers at your business premises or remotely.
Want to know if Credas will work for you? Drop us an email at firstname.lastname@example.org, and we’ll help you choose the perfect plan to suit your needs.