Most want more proactivity versus money laundering
Nine in 10 (90%) property professionals would like to see HMRC act more proactively to deter money laundering as more than one in four (27%) believe their own anti-money laundering (AML) compliance procedures wouldn’t stand up to scrutiny.
This was revealed by anti-money laundering technology platform Credas Technologies as it released the results of a survey of over 1,000 property professionals.
Less than a quarter (23%) stated they utilised a professional company to handle their AML compliance, while almost a third (32%) were unaware as to whether it was handled by a professional third party or in-house.
Read more: Third of regulated businesses unaware of digital AML solutions.
With 45% of property professionals carrying out their own AML checks, Credas said it is perhaps worrying that a number do not believe their AML compliance would stand up to scrutiny by HMRC, with 13% of those to have stated so also believing it doesn’t matter as they don’t think they will ever come under fire.
When asked about the importance of AML compliance in relation to other workplace goals, such as performance targets and additional income opportunities, only 37% believed that it was the most important.
Credas also found that 11% would intentionally turn a blind eye to AML compliance in order to hit performance targets or secure additional income opportunities, while 9% stated that they may do it unintentionally.
In addition, 11% stated that with the cost-of-living increasing, a strain on personal finances may cause them to turn a blind eye to AML compliance in order to improve their own financial situation.
This pro-AML attitude from the industry suggests that operational strain is a far bigger factor when it comes to remaining completely AML compliant, Credas said.
In fact, when asked about their attitudes towards AML, 44% believed they are the frontline in the fight against it, 43% think it’s a pain but appreciate why they need to do it, while only 12% do not believe it should be their problem.
Around 87% also believe that AML checks should be a legal requirement for homebuyers and sellers before they are even allowed to submit an offer or instruct an agent.
The positive news, Credas bared, is that three-quarters (75%) of property professionals have also had some form of training when it comes to spotting potential money laundering warning signs, although just 16% stated this training was given by a professional AML company.
“There’s no doubt that the property industry is still finding its feet when it comes to complete AML compliance and it’s telling that nearly a third of professionals within the sector don’t believe their AML compliance procedures would stand up to scrutiny from HMRC,” Tim Barnett, chief executive at Credas Technologies, said.
“The good news is that the majority of property professionals realise the important role they play in preventing money laundering via the sector and they would like to see more done to help them win this fight,” he added.
The survey cited in the report was carried out by ProperPR on behalf of Credas Technologies via consumer research platform Find Out Now, where a total of 1,175 property professionals currently working within the industry were asked questions about anti-money laundering last week.
