The average Anti-Money Laundering fine handed to agents has soared by two thirds.
An analysis of five industries - Accountancy, Estate/Lettings Agency, Money Services, Company Services, and High Value Dealers - shows the average AML fine up only 19 per cent in the past year, but the fines for agents have risen massively.
The typical agency fine is up 63.7 per cent from £3,577 to £5,853.
In fact, of the four remaining industries, three have seen the average AML fine shrink in the past year.
However an AML verification firm, Credas Technologies, is forecasting a dip in the number of agents to be hit with fines in future. This is based on its analysis of AML fines so far in the still-incomplete 2022-23 year.
“While the average fee may have increased, the total sum handed down in fines and the sheer volume of these fines is expected to fall substantially come the end of the 2022/23 financial year” predicts Credas chief executive Tim Barnett.
He continues: “This suggests that those who do fall foul of AML sanctions are doing so accidently and due to a lack of awareness, rather than as the result of any intended illicit activities.”
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