{"id":28011,"date":"2024-05-21T09:40:16","date_gmt":"2024-05-21T08:40:16","guid":{"rendered":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28011"},"modified":"2024-06-04T11:25:51","modified_gmt":"2024-06-04T10:25:51","slug":"estate-agents-fined-1-6-million","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28011","title":{"rendered":"Estate agents fined \u00a31.6 million"},"content":{"rendered":"<p>HMRC has issued fined which total in excess of \u00a31.6 million to estate agents who have failed to register or re-register with them for Anti-Money Laundering (AML). The fine imposed on the 254 estate agencies involved ranges from \u00a31,500 to more than \u00a350,000.<\/p>\n<p>Registering with HMRC is a requirement of the Money Laundering Regulations (MLR).\u00a0 However, many businesses do not believe that the regulations apply to them &#8211; or simply ignore them.<\/p>\n<p>HMRC intends to name and shame those found to be in breach of the legislation during its inspections and on-site visits, by publishing a follow-up list of those have been penalised.<\/p>\n<p>The types of breaches made by estate agencies include: a lack of documentation; incomplete or incorrect Customer Due Diligence within the required time frame; and a lack of recognition of specific risks (such as property values, high risk jurisdictions, Politically Exposed Persons, companies, trusts and sanctions). HMRC can make sometimes random and short notice inspections.<\/p>\n<p>Anyone trading as an estate agent, high value dealer or property auctioneer must by registered with HMRC for Anti-Money Laundering supervision. Letting agents dealing with properties with monthly rents equivalent to 10,000 euros (around \u00a38,500) are also obliged to register. Failure to register is a criminal offence.<\/p>\n<p>Estate agents must register if they act on the instructions of a customer wanting to buy, sell or let an interest of land either in the UK or overseas, or introduce their customer to a third party to secure the sale or purchase of the interest in land. This includes such activities as sending out property details, arranging viewings, valuing a property or arranging an energy performance certificate.<\/p>\n<p>To avoid flouting the rules, estate agents must have suitable written risk assessments and policy statements, trained staff who understand and implement the policies and a nominated officer to report any suspicious activity.<\/p>\n<p>\u00a9<a href=\"http:\/\/www.propertysurveying.co.uk\/INDEX\/INDEX1.html\">www.PropertySurveying.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HMRC has issued fined which total in excess of \u00a31.6 million to estate agents who have failed to register or re-register with them for Anti-Money Laundering (AML). The fine imposed on the 254 estate agencies involved ranges from \u00a31,500 to more than \u00a350,000. Registering with HMRC is a requirement of the Money Laundering Regulations (MLR).\u00a0 &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28011\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Estate agents fined \u00a31.6 million&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":21827,"parent":23833,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[555],"class_list":["post-28011","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Estate agents fined \u00a31.6 million - Property Surveying NEWSLETTER<\/title>\n<meta name=\"description\" content=\"Fined of over \u00a31.6 million imposed on estate agents who have failed to register or re-register with them for Anti-Money Laundering (AML)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28011\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Estate agents fined \u00a31.6 million - 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