HMRC fines agents more than £1 million for AML breaches
A list of 194 estate agents penalised for failing to meet anti-money laundering regulations, has been published by HMRC.
HMRC has fined 194 estate agents more than £1 million for AML (Anti-Money Laundering) breaches in a major swoop on the property sector.
Estate agents make up more than half of the businesses fined (336), which are facing financial penalties totalling £3.2 million.
The majority of the fines (303) in today’s publication are for trading while unregistered.
Actual total
The actual total for fines levied on property firms is £1,090,610. Last year 254 estate agency businesses were fined a total of over £1.6 million with fines ranging from £1,500 to over £50,000.
An HMRC spokesperson says: “We are committed to supporting businesses to protect themselves from criminals who prey on their services. That includes taking action against the minority who fail to fulfil their legal obligations under the Money Laundering Regulations.”
As a result of the huge fines HMRC has been issuing for AML breaches there has been a surge in the number of agents completing AML registration, The Neg reported.
Completed registration
Around 1,600 branches completed their AML registration in 12 months, according to due diligence company Thirdfort.
Some 21,663 branches across the UK had registered with HMRC out of around 25,000.
Read the full list of firms facing HMRC fines
HMRC to name and shame agents fined for AML breaches
I’m on the naughty step got fined a couple of grand for a scheme I knew absolutely nothing about which I would suggest is most of the other agents. Just another revenue stream for the government like the new landlord legislation the rogues don’t care and won’t comply but hard working diligent people get f…ed!!
Fines for this and also CPRs/ DMCC regulations will start to hit more and more businesses. A well trained team to spot problems is essential. Training is not just ticking a box and showing a certificate – it really needs to educate.