More Estate Agents fined for anti money laundering breaches in second half of 2022

paper with words anti money laundering (aml)

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Under anti-Money Laundering & Terrorist Financing regulation, certain types of business which handle money must register with HM Revenue and Customs (HMRC) and be monitored by a supervisory authority.  These registered firms must have systems and processes in place to protect against contributing to organised crime.

Now 68 estate agents have been fined £519,645 for breaching the regulation by HMRC.  The HMRC action included the first prosecution of an estate agent for trading without being registered.

The list of sanctioned firms was previously issued in May 2022, where 41 estate agents had been fined.

Nick Sharp, HMRC’s Deputy Director of Economic Crime, said: “Money laundering is not a victimless crime. Our regulations are there to protect businesses from those criminals who would prey on their services to wash their dirty money.

Serious and organised crime costs the UK billions of pounds every year and our anti-money laundering supervision is a vital tool in combating that.

James Burgoyne of Brunel Professions said: “The estate agents were amongst 175 firms who received fines totalling over £2m. It’s worth bearing in mind fines cannot be recovered against professional indemnity insurance, so the cost will directly hit firms’ bottom lines.”

HMRC’s press release can be found on its websiteMortgage Strategy and Property Industry Eye have published articles about the HMRC actions.

ProfessionalIndemnity.com is owned by Brunel Professions, which is a leading professional indemnity insurance broker in the UK.  Click here to get a quote or call 0345 450 1074 to speak to a broker.

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