Rough times and fines ahead for AML failures

Rough times and fines ahead for AML failures 1024 341 Davies Group

The stark warning for Estate Agents from leading AML provider Veriphy comes on the back of news that HMRC has its sights set on Purplebricks for possible AML failings.

George Stark of Veriphy, a Davies company said “With HMRC audits now a regular occurrence, and given the level of potential fines for non-compliance, any agency that still cuts AML corners is simply asking for trouble. At Veriphy we don’t charge for sign up or subscription, so we make it as easy as possible for people who need a quick solution to a pressing need. As we see with Purplebricks’ current concerns, and Countrywide’s recent £215,000 fine, the costs of non-compliance are now a potential threat to any company, no matter what their size.

Veriphy’s 15,000 clients all have access to a full suite of award-winning solutions comprising AML checks on people and companies, online training for all staff members, and a policy document tailored to the firm.

The company also offers Veriphy Century Plus, a powerful batch check facility, that allows rapid and regular checking of client bases in accordance with UK AML regulations.

We pride ourselves on having given peace of mind to so many worried businesses”, added Mr Stark, “and there is certainly good cause to worry if your AML procedures are not watertight.

 

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