Two lettings agencies are amongst three property agents which have been fined by HM Revenue & Customs for breaching anti-money laundering regulations.
Landmark Sales and Lettings, based in Reading, has been fined £5,250 for “breaches in conducting due diligence” and the timing of verification.
And London agency Robert Holmes & Company has been fined £6,591 for being in breach of a variety of regulations. The official entry in the government list of those receiving penalties says: “Breaches in failures in having the correct policies, controls and procedures; internal controls; conducting due diligence and timing of verification.”
Jess Simpson Ltd, registered in Oxfordshire - a buying agency - was the third firm fined, in this case £6,300 by HMRC for failing to apply for registration at the required time. It has this week issued a statement saying its breach had been "quickly rectified."
The Fifth EU Money Laundering Directive obliges all property agents to have transparent procedures to prevent money laundering. There is a legal responsibility to undertake Customer Due Diligence on customers before carrying out a transaction.
The full list is available on the HMRC website here.
HMRC describes itself as a supervisor of Money Laundering Regulations under the Fifth Directive, and is responsible for publishes lists of those organisations which have failed to comply with regulations.