If you work in the property market, there are lots of things that you need to look out for. One of the biggest problems that blights the property market in the UK is money laundering. Whether you are a property solicitor or an estate agent it is really important to be aware of the signs that money laundering might be taking place.
Money laundering loses the UK alone billions of pounds every year Which is why there are many new stringent checks that have been put in place in order to deal with this big problem. Checks such as this AML Identity verification checks w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks/ can help to reduce this problem.
However, it is also important for people to be aware of what to look out for to help spot the signs of money laundering and report it to the authorities if they are suspicious that it might be taking place. Some of the things that might start alarm bells ringing include:
the funding for the property coming from sources which the buyer is refusing to disclose
Transactions that include multiple owners
The buyer having a lack of interest in the property and seemingly wanting just a quick transaction
The buyer and the seller sending money between one another
Property deeds and registration being put into a different name to the name that the funding is coming from
The buyer of the property trying to mislead a lender