Doubling in estate agency business

for anti-money laundering firm

by Kevin Rose 23 July 2019

Anti-money laundering (AML) firm SmartSearch has reported that its estate agency
client numbers have doubled in the past two years.

The firm, which increased overall client numbers by 45% in the first five months of
2019, has just enjoyed its best month ever. In June, the firm did £1.1 million of
business and signed up 93 new clients.

Martin Cheek (pictured), managing director of SmartSearch, said: “Recent fines – most
significantly the £215,000 fine handed to Countrywide – and the fact that HMRC made
surprise visits earlier this year to 50 other estate agents suspected of failing to comply
with AML regulations – showed the estate agency sector that there would be serious
consequences for anyone found not to be taking their money laundering obligations
seriously enough.

“And I think a large proportion of the estate agents that have come to us in the past
two years is as a result of this increased pressure on estate agents to comply or face
the consequences.”

SmartSearch provides the ability to verify individuals and companies in the UK and
internationally all in a single platform with full Sanction, PEP and adverse media
screening and then ongoing monitoring.

Cheek added: “Whether estate agents are unsure of their obligations, don’t have the
resources to meet them or simply don’t think AML matters, the end result is the same;
they are not compliant, and that leaves them vulnerable and liable.

“Our platform offers a full-service solution that ensures estate agents are fully
compliant with the latest Money Laundering Regulations and remain compliant with
any future changes in the legislation.”

https://bestadvice.co.uk/doubling-in-estate-agency-business-for-anti-money-laundering-firm/