Branches face £45,000 compliance cost every year – warning
Summary
The article warns that anti-money laundering (AML) compliance is becoming a significant ongoing cost for estate agency branches, with an estimated annual burden of £45,000 per branch. It suggests AML can no longer be treated as a minor or peripheral task within agency operations.
Why it matters
Residential property surveyors working alongside agents should be aware that AML expectations are tightening across the transaction chain. This may affect instruction processes, transaction timing and the level of compliance evidence clients and counterparties expect.
Key points
- AML compliance is described as a core operational requirement rather than a side activity.
- A yearly compliance cost of £45,000 per branch is highlighted.
- The warning implies increasing pressure on estate agency businesses to resource compliance properly.
- The issue is relevant to property transaction workflows and professional due diligence.
Organisations:
Estate Agent Today
Regulations:
anti-money laundering (AML)
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