London letting agent shines a light on the ‘uphill struggle’ against rental fraud
'Whilst digital and AI technology has evolved rapidly, rogue tenants have also evolved with it, becoming increasingly more inventive in how they trick the system,' warns Benham and Reeves.
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The EU's Fifth Money Laundering Directive is slated to come into play in January, requiring UK letting agents dealing in rents above €10k per month to carry out AML checks on their clients.
A ‘sophisticated gang of fraudsters’ is targeting luxury rental flats in London
Estate agents tell of fraudulent tenants targeting luxury rental homes in London, while Benham & Reeves has flagged a 117% "surge in fake applications" in the wake of the recently-enacted Tenant Fee Act…
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