Estate Agents Call For AML Details In Planned Industry Code
Law360, London (September 10, 2020, 2:09 PM BST) -- Proposed industry standards for the property sector should require estate agents to know about money laundering rules and should include a section on sustainability measures, according to an industry body.
Criminals often buy property in the United Kingdom to clean up their proceeds of crime, making it important that estate agents are aware of the laws on money laundering, Propertymark said.
The proposed code should also state that agents should be aware of rules covering fraud and be vigilant when receiving payments, the body added. They should also be familiar with bribery laws.
The standards are set out in the consultation...
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