In 2021/22, there were a total of 901,255 Suspicious Activity Reports (SAR) submissions in the UK – 21.4% more than in 2020/21, according to new data from Credas Technologies.
In order to help property professionals stay on top of their Anti-Money Laundering (AML) obligations, identity verification provider, Credas Technologies, has produced a practical guide to SARs which form a central part of alerting the necessary authorities of any individuals or organisations that agents suspect might be trying to manipulate the UK property market to support criminal endeavours.
Criminals who are trying to launder money or finance nefarious activity commonly turn to the property market in the hope of using real estate assets to cloak their illegal activity.
As such, estate agents frequently come face to face with the front line of financial crime in the UK.
Credas Technologies research found that while 2021/22 saw these reports increase by 21.4% – there has been a substantial 94.3% increase since 2017/18.
It is clear, therefore, that professionals are rapidly becoming much more vigilant against suspicious activity and increasingly making efforts to report such activity to the NCA.
Tim Barnett, CEO of Credas Technologies, said: “It can seem quite daunting for professionals such as estate agents to be told that they have a key role in thwarting the endeavours of criminals and terrorists operating in the UK, not least when there is the underlying threat of facing criminal charges themselves for letting potential crimes go unnoticed on their watch.
“In reality, however, suspicious activity of individuals or groups on the housing market can often be spotted through routine ID and AML checks that are now part and parcel of an agent’s day to day due diligence. If they have reliable AML tools at their disposal, red flags are easy to spot.”
He added: “Once suspicions have arisen, SARs are quick and easy to submit after which it’s up to the NCA to chase and check into any possible criminal activity.
“Through a lack of understanding and awareness agents can easily find themselves on the wrong side of the law, but if appropriate steps have been taken to implement good AML and ID practices, the possibility of being accused of negligence can largely be mitigated.”
