It’s been revealed by Propertymark that HM Revenue & Customs has fined agents over £1.6m for branches of anti-money laundering regulations.

The fines – levied in April but now revealed – has triggered a reminder from Propertymark to all agents to ensure they are applying and preserving correct and up-to-date registration with HMRC.  

The penalties for non-compliance can be substantial, with many agents theoretically at risk of facing a prison sentence of up to two years or an unlimited fine.  Since January 2020, it has been a criminal offence to trade as a property agent without being registered with HMRC for anti-money laundering supervision. This rule is also relevant for letting agents managing properties with monthly rents equivalent to €10,000 or more. 

The trade body issues the wanting as it also publicises that it now has training sessions for agents to help the comply with AML legislation. 

The body also offers a ‘Care About Compliance’ audit support service that combines an approachable audit service with 1:1 advice.

Nathan Emerson, chief executive at Propertymark, says: “With many agents still unaware that they need to register with HMRC for anti-money laundering supervision, it is vital that they do so in order to not only comply with the law and avoid hefty fines and prosecution but continue to provide consumers with confidence and trust in the marketplace.”