A lack of regulatory guidance hampering 5MLD adoption is exposing agents, research revealed.
Estate agents are facing a “regulatory timebomb” because of a lack of regulatory guidance hampering 5MLD adoption, research revealed.
According to LexisNexis® Risk Solutions, estate agents are only halfway through their Fifth EU Anti-Money Laundering Directive (5AMLD) implementation plans, despite the regulation coming into force in January 2020.
Estate agents, conveyancers and mortgage brokers are industries who must implement the regulations to ensure compliance with new requirements, including tighter ID checks.
The research revealed that the vast majority (95 per cent) of estate agents say the regulator should give more information on how they can make their compliance programmes more effective, sugg...
