CCR2 Affordability, Vulnerability, and Open Banking
Tackling the dirty-money problem head on
Making electronic checks compulsory is one way that the government could fulfil its intention to prevent money laundering
John Dobson Chief executive, SmartSearch
john.dobson @
smartsearchuk.com
If the government is serious about supporting estate agents to spot money laundering, it needs to make electronic identification compulsory. The government’s director for economic
crime, cyber crime, and corruption, Richard Riley, has revealed that estate agents filed 710 Suspicious Activity Reports, or SARs, last year, which, although a huge improvement on previous efforts, still only represents 0.15% of the national total.
More needs to be done Speaking at last week’s NAEA Propertymark conference in London, he said that more needs to be done about the ‘dirty money’ problem, and that the government will offer more help to estate agents, lawyers, accountants, and other professionals to spot money laundering and other criminal activity. We know money laundering is a huge
problem in the UK, and property is one of the most vulnerable sectors, with estimates that £120bn of UK property is owned by offshore entities, much of which has been bought with dirty cash. This means that estate agents are often the first line of defence against money laundering, so it is vital that their AML processes are fit for purpose.
Compulsory checks The government says it wants to support estate agents, and one way in which they could do this is to make electronic money- laundering checks compulsory. Electronic
28
We know money laundering is a huge problem in the UK, and property is one of the most vulnerable sectors, with estimates that £120bn of UK property is owned by offshore entities, much of which has been bought with dirty cash
www.CCRMagazine.com
identification is now widely recognised as the most reliable, secure, and efficient source of information for identity solutions, while the 5th Money-Laundering Directive calls for electronic identification to verify customer information. In order to have a failsafe system that will
guarantee to recognise fraudulent documents and AML activity, thousands of estate agencies are turning to electronic AML platforms to complete their AML checks, global sanctions, and PEP screening. With a one-stop-shop AML verification
system you can use one platform for multiple solutions, whether it is UK or international. We also have an integrated app that is
able to electronically verify all documents remotely, with the same capabilities as the full SmartSearch verification platform. This app is a really useful tool for estate agents, as it means they can carry out an instant SmartSearch wherever they are, whatever time, and receive the results to their handheld device in seconds.
No reason With technology like this available, there is no reason for any estate agents to not have the correct AML processes in place. Electronic AML platforms save time,
money, and are more reliable than manual checks ever can be, giving estate agents the peace of mind that they are stopping money launderers in their tracks, are fully compliant, and are ready for any spot check HMRC might throw at them. CCR2
March 2019
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52