The National Association of Estate Agents (NAEA) has said that estate agents are being hit with large fines under the Money Laundering Regulations, which were introduced in 2017. However, the fines are not made public. Mark Hayward, the CEO of NAEA, said the fact that estate agents are largely unregulated made the sector vulnerable to criminal activity. According to a report by the Financial Conduct Authority, almost half (47%) of all UK property transactions involve an agent or broker. Hayward predicted that legislation will tighten more because of heightened concerns over terrorism.
The National Association of Estate Agents (NAEA) has said that estate agents are being hit with large fines under the Money Laundering Regulations, which were introduced in 2017. However, the fines are not made public. Mark Hayward, the CEO of NAEA, said the fact that estate agents are largely unregulated made the sector vulnerable to criminal activity. He said the potential for cryptocurrencies to be used to buy property could increase in the future and could cause problems for estate agents. Hayward predicted that legislation will tighten more because of heightened concerns over terrorism.