What is AML, and why do I need to comply with it?

Published: 17/10/2024

Anti-Money Laundering (AML) regulations are designed to stop criminals from disguising illegally obtained money as legitimate. In commercial property, this means agents, buyers, and sellers must follow strict rules to prevent money laundering.

Why do you need to comply? Because it's a legal requirement. Not following AML procedures can lead to hefty fines or even imprisonment. Compliance involves checking the identity of clients (also known as "Know Your Customer" or KYC), reporting suspicious activities, and keeping accurate records.

It's not just about ticking boxes – AML ensures a safer, more transparent marketplace for everyone involved. So, staying compliant protects both your business and the wider property market.