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NAEA gives briefing on AML challenges estate agents face

Friday 13 January 2017

On 6 December 2016, Mark Hayward, Managing Director of the National Association of Estate Agents (NAEA) spoke at a breakfast briefing organised by the Royal United Service Institute entitled ‘Real Estate and Money Laundering: What are the key challenges and how is the sector tackling them?'

The Royal United Service Institute’s Centre for Financial Crime and Security Studies was launched in 2014 and has quickly become the partner of choice for those wanting to improve the effectiveness and efficiency of the current approach to tackling financial crime and threat to finance.

Other speakers at the meeting included Roman Borisovich, Campaigner and Anti-Corruption Activist – better known as Boris in From Russia With Cash, the Journalist and Author Oliver Bullough and Martin Cox from the National Crime Agency.

The Home Affairs Select Committee in Parliament recently described supervision of the UK’s property market as “totally inadequate” which has “laid out a welcome mat for launderers and organised criminals,” estimating that £100bn is laundered through the UK each year.

The briefing included a presentation from Mark Hayward on the situation in London and an overview of how the estate agency sector is responding to the Anti-Money Laundering rules and the use of Suspicious Activity Reports (SARs).

Mark also presented the NAEA’s updated AML guidance, which is endorsed by HM Treasury and HM Revenue and Customs. The guidance provides a general introduction to anti money laundering, terrorist finance, bribery, and financial sanctions.

Members that do not implement adequate procedures to safeguard against the risks, leave themselves open to exploitation by serious organised criminals. Take a look at our guidance for more information.