Spending on compliance set to rise, agents say
Summary
An industry survey by Thirdfort suggests that compliance spending in estate agencies and property firms is set to rise, driven largely by increasing anti-money laundering (AML) demands. Most respondents expect higher AML budgets and larger compliance teams over the next year, while many report that compliance workloads have intensified significantly in the past 12 months.
Why it matters
Residential property surveyors working alongside agents and property firms should be aware that compliance expectations are tightening, particularly around client due diligence and AML. This may affect transaction timelines, information requests and the level of scrutiny applied to property-related instructions and sales processes.
Key points
- 61% of compliance leaders expect AML budgets to increase in the next year.
- 51% expect their compliance teams to grow.
- 85% say compliance demands have increased over the past 12 months.
- 63% report working overtime at least weekly on AML-related issues.
- Confidence in current compliance processes is mixed, especially in larger firms.
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