Confusion remains among lettings agents about new sanctions reporting obligations, Propertymark claims.

Letting agency businesses across the UK need to work to a new framework from 14 May 2025 under the Sanctions and Anti-Money Laundering Act 2018.

The agency trade body said that some confusion has been highlighted around the rules among members.

It has produced a new resource to navigate the requirements for lettings agents.

Propertymark said: “The changes are designed to improve transparency and reduce financial crime in the lettings sector. The new rules will add extra steps to agents’ compliance processes; taking proactive measures now can help avoid the risk of increased fines and ensure full compliance.

“Previously, only estate agents were required to complete sanctions checks and report to the Office for Sanctions Implementation (OFSI). Thislegal duty will now extend to all letting agents.”

Find out more: https://www.propertymark.co.uk/resource/lettings-spotlight-financial-sanctions-reporting-obligations.html