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Simplify money laundering regulations

Comment 8th July 2010

The money laundering regulations need to be simplified. As an estate agent I am required to check a client’s identity and also check the politically exposed persons list, the same client will also have to go through the same checks with their solicitor and their lender before any transaction can take place. Is it really necessary to check a person’s identity three times just to sell a house for client you may have known for 20 years?

 

Why does this matter?

This is another example of the previous government’s knack of producing badly drafted and burdensome legislation, which bears no relation to the risks involved.

The legislation is an unnecessary expense and is extremely time consuming for small business as well as being an annoyance to legitimate clients. The duplication is ridiculous. Surely it can be streamlined?

 

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