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Property developers commonly faced with financial crime

More than a third of property developers say that they have been a victim of financial crime, including money laundering, in the last six months, data from SmartSearch has found.

Just 30% of developers always complete checks to verify the identity of new individual customers.

The mean annual cost per business for all fraud incidents was more than £16,000. Meanwhile, 11% of businesses reported annual total costs of over £20,000.

Martin Cheek, managing director of SmartSearch, said: “There’s no question financial crime can have massive implications for businesses. It’s not just the loss of revenue; it’s also the reputational damage and the questions it raises for regulators and authorities about the safeguards and compliance measures in place. That’s especially true if businesses are not properly verifying customers – as our survey has revealed.

“As the threat of money laundering and financial crime increases, and the burden of compliance grows even heavier, firms must take action and improve their systems and processes to avoid becoming victims too.

“Advancements in digital compliance are helping firms of all sizes mitigate these challenges by identifying potential red flags as part of detailed checks and providing constant access to real-time data and intelligence.”

Money laundering is common in UK property, as just over a third (35%) often verify the identity of individual customers, while 21% only complete these necessary checks sometimes.

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