Proptech firm Coadjute has appointed property broadcaster Phil Spencer as an ambassador to help bring attention to the risks of money laundering.
Coadjute, which provides a digital platform from property transaction workflows, says it has made a “major strategic shift” towards anti-money laundering compliance, and has positioned the fight against financial crime at the heart of its future growth. Spencer, who spent two decades presenting Channel 4’s Location, Location, Location and is committed to transparency and consumer trust in property transactions, will help the technology company raise awareness of the issues surrounding AML compliance.
“Buying or selling a home is one of the biggest financial decisions most people will ever make,” Spencer said.
“Trust in that process is essential. Strengthening compliance isn’t about red tape, it’s about protecting consumers and the integrity of the market.”
The Government’s National Risk Assessment has identified property as a high-risk sector for money laundering, with an estimated £10 billion being laundered every year through the UK property sector. Regulators have increased enforcement activity in recent years, with conveyancers under growing pressure to demonstrate effective oversight of source-of-funds and beneficial ownership.
According to Coadjute, much of the market still relies on basic digital ID checks and screening tools, which it says may confirm identity but do not necessarily establish where money has come from or whether transactions meet the legal test of a risk-based approach
“Screening is not the same as anti-money laundering,” said Dan Salmons, CEO of Coadjute.
“Regulation requires firms to understand and manage risk — not just confirm someone has a passport and a bank balance.
“Property is attractive to criminals because it is high-value, complex and historically fragmented. If compliance is treated as a box-ticking exercise, gaps emerge and those are the gaps bad actors exploit.”
Coadjute, which is backed by Lloyds Banking Group, Nationwide, NatWest and Rightmove, said it plans further announcements in the coming months as it expands its compliance capabilities.
Salmons concluded:
“As government looks to modernise the homebuying process, strengthening AML and data sharing must be central to reform. If we want faster transactions and greater confidence, we need stronger foundations at the start.”
