- September 29, 2019
- Posted by: FinancialCrimeServices
- Category: Uncategorized
As part of its ongoing commitment to supporting property professionals, LonRes, the subscription-based business-to-business trading platform, has acquired Financial Crime Services.
The LonRes acquisition comes at a time when HMRC is targeting estate agents as part of a wider money laundering crackdown. In recent guidelines it made clear that they expect agents to put in place controls and procedures to deal with AML and terrorist financing and ensure that they resource it too. For anyone failing to comply there are significant fines to be had.
Commenting, Anthony Payne, Managing Director of LonRes said, “LonRes is committed to helping its subscribers meet its AML obligations. We introduced ResCheck – the mandatory LonRes AML service designed for agents operating in the sub agency market – three years ago and the acquisition of Financial Crime Services is a natural progression from this. AML compliance is both onerous and time-consuming, Financial Crime Services provide a number of options to free up agents to concentrate on what they do best – selling and renting properties.” He added, “This latest acquisition forms part of a wider programme aimed at supporting LonRes subscribers through policy changes to the sector.”
Jerry Walters, Managing Director of Financial Crime Services said, “AML policy is becoming ever more complex and for those who fail to understand it, the fines are large. It is easy to be unwittingly non-compliant, but for HMRC this is no defence.
“Our background in financial crime enforcement gives us a unique understanding of the intricacies of AML policy which in turn enable us to give practical help and guidance to property professionals. The London property market has been ear-marked as a centre for money laundering and our comprehensive services are designed to ensure that businesses are compliant at every level.”