Estate agents’ compliance teams have seen their workloads increase, according to research from Thirdfort.
Last year, 40% of compliance leaders said they felt overwhelmed, and 34% reported working overtime every week to keep up with anti-money laundering (AML) checks.
Despite the heavier workload, 54% of compliance leaders said compliance is well understood in their agency.
However, 32% expected their firm to cut back on anti-money laundering compliance spending, compared to 16% who expected it to increase.
Olly Thornton-Berry (pictured, right), co-founder and CEO at Thirdfort, said: “With changes in regulation such as letting agents being deemed relevant firms under financial sanctions regulations, compliance teams face an increasing workload.
“While this report demonstrates how compliance professionals in estate agencies go above and beyond their responsibilities, it’s crucial for management to understand the role of compliance and invest in the tools that can help combat the increased threat of anti-money laundering in the UK.”
