Almost all property sourcing and deal packaging agents are breaching AML rules, leaving them at risk of heavy fines and this widespread non-compliance brings a blight on the sector.  NAPSA is urging property investors to recognise the risk of working with non-compliant agents, and verify credentials before engaging their services.  It doesn't matter what business name you give yourself, nor what service you describe as providing, when you're carrying out 'estate agency' work the rules apply to you!

With an estimated £10 billion laundered through UK property annually, the report serves as a "timely warning", NAPSA says.

Tina Walsh, CEO of NAPSA says: "I firmly believe that by working together, we can create a property-sourcing sector that is not only compliant but also trusted and respected.  This report is a step in that direction, to raise awareness, to improve standards, and I hope it inspires meaningful action across the industry.”

You can read the report HERE: : https://education.napsa.org.uk/property-sourcing-compliance-report 
 
Best wishes
Tina Walsh
CEO NAPSA