Thirdfort's Harriet Holmes says less than 0.5% of law firms have opted to become ROE-regulated agents due to legal, regulatory and reputational risks.

Thirdfort’s Harriet Holmes says identifying someone’s source of wealth is a critical when agents and lawyers are helping clients buy or sell a property.

Just a tiny fraction of agents are submitting SARs despite HM Treasury and the Home Office saying the sector is at ‘medium’ risk for money laundering.

Anti-money laundering and anti-fraud compliance specialist Harriet Holmes says the continuing cost of living crisis could lead to an increased risk of tenancy fraud.

Thirdfort says less than 0.5% of firms have joined the Register of Overseas Entities after it went live in August last year suggesting that firms have taken heed of Law Society warnings.