Thousands more estate agents register with HMRC for AML supervision

Thirdfort boss Olly Thornton-Berry says that despite swelling numbers around 4,000 branches still need to register or complete renewal with HMRC.

Olly Thornton-Berry, Thirdfort aml

More than 20,000 UK estate agency branches have registered with HMRC for AML supervision – an increase of around 3,000 branches in 18 months, latest analysis from risk management platform Thirdfort reveals.

Some 20,059 UK branches across the country have registered with HMRC, the anti-money laundering supervisor for the estate agency sector, an increase of 3,329 in just under 18 months, up from 16,730 in December 2021.

NEED TO REGISTER

Despite the overall increase, around 4,000 branches still need to register or complete renewal with HMRC.

Latest data from the Office of National Statistics puts the number of estate agents in the UK at 24,500 which means nearly one in five (18%) branches are unregistered or are yet to complete renewal.

Olly Thornton-Berry (main picture), Co-Founder and Managing Director of Thirdfort, says: “Money laundering is a serious and growing risk in the property sector. It costs the UK more than £100 billion annually.

“As a result, HMRC and other regulators are stepping up their oversight. So, to avoid fines, reputational damage or even an outright ban, we would encourage all estate agents to register for money laundering supervision with HMRC.”

REGUALTIONS

And he adds: “Once registered, agents do not need to worry about spending days or weeks complying with the regulations.

“Tools such as ours make it quick and easy to satisfy AML verification and means compliance becomes a competitive advantage.”

Using AI, biometric verification and Open Banking, Thirdfort’s web and mobile app automates KYC, AML and Source of Funds verification.

It has verified more than one million people on behalf of more than 1,000 conveyancers, lawyers, estate agents and other regulated professional services firms – around 2.5% of all adult smartphone users in the UK.


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