Currently lenders have a raft of different measures in place to prevent money laundering. But it has been suggested that brokers have become increasingly confused at the varying requirements.
Hugh Nichols, proprietor at Badbury Berkeley Financial Services, said: “It is good that there are anti-fraud and money laundering procedures in place but they are not set and all the different requirements that lenders ask for are hard to compile. Lenders should not have to all ask for different bits of paper and checks. It should all be the same.”
However, Clare Mortimer, senior media relations manager at BM Solutions, suggested that an industry wide approach would be difficult to administer due to differing business models.
She said: "Anti-money laundering is something that lenders take very seriously, which is why there are so many prescriptive measures in place. We need to be realistic about how practical an industry standard would be, but it is important that we work together as an industry to make the processes as clear as possible for brokers.”
