Propertymark is investigating five member agents after the latest HMRC publication of businesses who have failed to comply with anti-money laundering regulations.

The list of businesses who failed to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 during the period 1 January 2022 to 31 March 2022, showed 68 agents had been issued penalties, five of which are Propertymark members.

BREACHES

Across the whole list of 68 property businesses, the nature of the published breaches included failing to apply for registration at the required time; failures in carrying out risk assessments; having correct policies, controls and procedures in place; conducting due diligence and record keeping and failures in the provision of registration information.

Compliance can be a minefield for both lettings and sales agents and legislation is constantly changing.”

A spokesperson for Propertymark says: “Ongoing work to support members in reviewing compliance with legislation is a key area for our Compliance Auditors. This involves regular reminders about responsibility and liability, updates on HMRC and Trading Standards enforcement and penalties, and information on data protection.”

MINEFIELD

Compliance can be a minefield for both lettings and sales agents and legislation is constantly changing.

Propertymark undertakes visits in person and is currently undergoing development to get their team members out and about more frequently to review and support the procedures agents have in place.

10 DAY’S NOTICE

The spokeperson adds: “Our goal is to achieve visits to each of our member firms at least once within a five-year rolling period and unlike HMRC or Trading Standards, we give a minimum of 10 working days’ notice before a visit.

“We are here to help and support your agency, continue to raise standards and preserve the long-term health and prosperity of the profession.”