Estate Agents Who Fail to Adhere to AML Regulations Could be Revealed by HMRC

Estate agents are currently being fined millions by the HMRC for failing to complete anti-money laundering (AML) checks accurately according to a recent report by Business Insider.  

Estate agents are being slammed with "business busting" fines under new anti money laundering regulations, according to the head of the National Association of Estate Agents (NAEA), but the amounts are not public.
Mark Hayward, CEO of National Association of Estate Agents (NAEA) 
(Source:  Business Insider)  

The HMRC has confirmed these fines had been given to UK estate agents, but would not say how many and to whom.   At present, HMRC doesn’t reveal the identity of the estate agent’s who have been levied with fines, nor the amount they need to pay. However, this could all change according to the report.  

A HMRC spokesperson told Property Industry Eye  

“Under the new Money Laundering Regulations, HMRC is developing a policy to publish details of those not complying with the MLRs. On a case-by-case basis, HMRC will consider whether publishing would be disproportionate or if the penalty is of a minor nature and this will inform whether we publish penalty information with full identity details, anonymously or not at all. This policy is due to be implemented shortly.”
(Source: Property Insider Eye).  

Although HMRC did not provide any definitive timescale to indicate when it may start naming and shaming Estate Agents found non-compliant, we at NorthRow advise all estate agents to ensure they have robust AML compliance processes in place when performing due diligence on their clients.  

As Richard Ingles, Head of Client Development, describes, we help some of the UK’s largest property firms comply with current Money Laundering and Right to Rent regulations.   If you want to ensure you are doing the maximum possible today to reduce your risk whilst keeping the regulators at bay, then get in touch by calling on +44 (0) 1235 375 000