Agents report more and more suspicious activity…
1 min read

Agents report more and more suspicious activity…

Agents report more and more suspicious activity…

Real estate agents filed 30% more suspicious activity reports (SARs) and defence against money laundering (DAML) reports last year, research shows.


Analysis by Thirdfort has shown that the total number of SAR reports, including DAML SAR reports, filed by real estate agents has increased from 1,094 in 2021/2022 to 1,421 in 2022/2023.


However, according to figures from the Office for National Statistics, there are 24,965 estate agents in the UK, meaning only a tiny proportion of them actually file SARs, warns Thirdfort, despite the Treasury and Home Office having assessed estate agents as being at “medium” risk of money laundering.



Harriet Holmes, AML Services Manager at Thirdfort, said: “Our analysis shows a positive increase in the number of SARs filed by the sector. This is significant given the important role agents play as gatekeepers in the regulated sector. Ultimately, this supports the protection of the public from fraud and money laundering.

“While the number of SARs filed by real estate agents has increased, so has the risk of fraud and money laundering. Therefore, agencies should continue to be diligent about their AML obligations and encourage employees to engage in the compliance process and report issues when they see them. By taking a more proactive approach to AML, real estate agents can stay on the right side of the law beyond filing SARs.”


Thirdfort’s analysis of National Crime Agency data shows that 50 sectors submitted more than 934,000 SARs and DAML SARs during the year. Banks submitted the most SARs in 2022/2023, recording a total of just over 560,000 SARs and almost 75,000 DAML SARs.