Risk Management articles for surveyors
Money Laundering
by Tim Prior LLB AIRM, Senior Risk Management Consultant
2004 was the year that new, more onerous Money Laundering Regulations came into effect. That same year, an estate agent bought a property worth £150,000 for just £43,000, the amount of the mortgage secured on it. The sellers were convicted drugs dealers who had wanted to sell their property before the Assets Recovery Agency seized it.
In court, the estate agent described the deal as “barmy” and “just too good” to turn down. The judge disagreed and, in June 2006, jailed the estate agent for three years for money laundering.
Don’t overlook those money laundering checks. Check that they are up to date and being properly applied by all your staff. They are important – and failure to apply them correctly could have a disastrous impact on your family life, your career and your business.
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Surveyors
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Travelers Insurance Company Ltd.