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Published: 29/04/2022 By Victoria Banet

Russia's invasion of Ukraine has led to the UK, US and the EU to introduce sanctions against Russia in attempt to put pressure on the country and it's economy. With the speed at which sanctions are being introduced, monitoring is now essential to ensure identification of newly sanctioned individuals.

Any estate agency who still relies on paper methods is under risk of breaching sanctions. This is because electronic verification systems provide alerts and updates which are up to date with current situation. Failure to conduct proper sanctions can no longer be dismissed and the importance of the check is far greater than before.

Under the new Economic Crime (Transparency and Enforcement) Act 2022, breaches of financial sanctions are designated a strict liability civil offence which is punishable by fines of up to £1m.

Therefore it is crucial for estate agents and conveyancers to complete all checks necessary in great detail.

Greenwood Property Consultants uses Compliance Assist to digitally carry out all necessary checks to ensure a smooth process of sale for both sellers and buyers.