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In 2024, HM Revenue and Customs (HMRC) intensified its enforcement of anti-money laundering (AML) regulations within the property sector, targeting estate agents with significant fines. This heightened scrutiny underscores the government’s commitment to combating financial crime and ensuring compliance in…
In a move to bolster anti-money laundering (AML) and financial crime prevention efforts, the UK government is expanding sanctions reporting requirements to include all letting agents starting May 14, 2025. This significant regulatory shift aims to close existing gaps in…
In the world of real estate, Anti-Money Laundering (AML) compliance is a critical aspect that estate agents, regardless of their size, must navigate diligently. For small firm estate agents, the challenges can be even more pronounced due to limited resources…
The Financial Action Task Force (FATF) has recently updated its list of jurisdictions under increased monitoring, also known as the “grey list.” As of October 2024, four new countries have been added: Algeria, Angola, Côte d’Ivoire, and Lebanon. This move…
AML compliance is a crucial aspect of any estate agency business’s operations. It involves ensuring that the firm has adequate policies, procedures and controls to prevent, detect and report money laundering and terrorist financing activities. In this blog post, we…
If you are an estate agent in the UK, you have a legal obligation to comply with the anti-money laundering (AML) regulations that aim to prevent the use of the property market for illicit purposes. AML due diligence is a key part of your compliance programme, as it helps you to identify and verify your customers, assess their risk profile, and monitor their transactions for any signs of money laundering.
HMRC has published its list of businesses that have been fined for breaches of anti-money laundering regulations between April and December 2021. Of 75 firms fined by HMRC 39 are estate agency businesses (EABs) making up 52% of AML breaches.…
The risk based approach to anti-money laundering (AML) and terrorist financing (TF) is embedded in UK anti-money laundering legislation through the integration of the 5th Money Laundering Directive (5AMLD). It is endorsed by the Financial Action task Force (FATF) who…
High profile London Law firm Mischon de Reya has been fined £232,500 by the Solicitors Regulation Authority for breaches to money laundering regulations. The fine is one of the biggest issued by the regulator. The firm was fined for: Failing…
What is AML Screening? AML screening is the process of checking the data you hold on your clients, counterparties, relevant third-parties and corporate structures to manage AML risks to you and your firm. You would screen against structured data in…