AML policy documents – Is your business compliant with legal and regulatory requirements?
When you work in the financial services sector and other related sectors that are at risk of becoming victims of …
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Rough Times & Fines ahead for AML Failures.
A Warning for Estate Agents as news breaks that HMRC has its sights set on Purplebricks for possible AML failures.
Leading Real Estate Agency Purplebricks reveals that during an AML compliance inspection, “a number of findings were noted in relation to non-compliance with certain aspects of this legislation…” [1]
Now they are locked in discussion with HRMC and warning shareholders of financial repercussions.
Reoccurring non-compliance- a cautionary tale
“Countrywide were fined £215,000 by HMRC”
As HMRC thrust new costs, responsibilities and surprise visits to unsuspecting estate agents- the anti-money laundering compliance issue can seem complex and unfair.
However, Purplebricks possible AML failures is a stark reminder that anti money laundering falls under civil and criminal law.
Ignorance and complacency are classic vehicles for facilitating money laundering and as Purplebricks rivals Countrywide and Tepilo show- non-compliance is expensive.
Veriphy offers estate agents a simple route to regulatory peace of mind – avoid AML fines.
With HMRC audits now a regular occurrence, and given the level of potential fines for non-compliance, any agency that still cuts AML corners is simply asking for trouble. At Veriphy we don’t charge for sign up or subscription, so we make it as easy as possible for people who need a quick solution to a pressing need. As we see with Purplebricks’ current concerns, the costs of non-compliance are now a potential threat to any company, no matter what their size.”
(George Stark of Veriphy)
Our 15,000 clients all have access to a full suite of award-winning solutions comprising AML checks on people and companies, online training for all staff members, and a policy document tailored to the firm.
We also offer AML screening, a powerful batch check facility, that allows rapid and regular checking of client bases in accordance with UK AML regulations.
[1] https://propertyindustryeye.com/purplebricks-reveals-it-is-in-discussion-with-hmrc-over-anti-money-laundering/
