UK HMRC Estate Agents, AML

On Mar. 4, UK HMRC announced estate agents targeted for ML.

  • Unannounced inspections as part of a crackdown on ML in the property industry.
  • HMRC officers visited 50 estate agents across England after they were suspected of trading without being registered as required under money laundering regulations.
  • Visits coincide with HMRC publishing a list of businesses fined for failing to comply with the regulations, including Countrywide Estate Agents receiving £215,000 fine.
  • HMRC will now take action against the visited businesses who have failed to comply with the ML regulations, which can include fines, publication, criminal proceedings.
  • Also published guidance/e-learning to educate estate agents on ML responsibilities.