Anti Money Laundering
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Developer-Referred New-Build Purchases: Who Controls the AML Checks?
The post discusses the importance of thorough AML investigations in new-build and off-plan property transactions. It emphasizes that familiarity with a development does not negate the need for proper client assessments. Developers’ recommendations shouldn’t dictate AML decisions, and each transaction requires careful scrutiny of funding sources and obligations.
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£2.6m in AML Fines: Why Improving Compliance Is No Reason to Relax
The SRA’s Anti-Money Laundering Annual Report highlights substantial improvements in compliance alongside ongoing enforcement, with fines totaling £2.6 million. Conveyancing firms must review their AML controls and address weaknesses. Effective evidence and independent audits are crucial for demonstrating compliance and ensuring that policies align with actual practices and risks.