A HIGH number of estate agents have been fined for breaching anti-money laundering rules reports Property Industry Eye.
Agents dominate the latest list of businesses that have not complied with the regulations (2022 to 2023). See list below.
Agents across the country are among hundreds of businesses that have been thousands of pounds by HM Revenue and Customs (HMRC) for failing to apply for registration at the required time.
A total of £3.2m worth of fines were issued for breaches to companies, which have all been named by HMRC.
HMRC’s work with other agencies to tackle economic crime and crack down on breaches is working to drive non-compliant firms out of business.
Nick Sharp, HMRC’s deputy director of economic crime, commented: “Money laundering is not a victimless crime.
“We are here to help businesses protect themselves from criminal attacks and will continue to tackle the minority of businesses which do not comply with the Money Laundering Regulations.
“Serious and organised crime costs the UK billions of pounds every year and our anti-money laundering supervision is a vital tool in combatting that.”
In addition to the named businesses, another 179 companies received smaller fines totalling more than £200,000 for rule breaches.
Businesses which do not follow anti-money laundering regulations can be fined and lose their licence to operate in the UK.
Full list of businesses that have not complied with the regulations (2022 to 2023) can be viewed here.
Here are just some of the property firms on the list:
Emersons Estates Limited EAB 15 Oxford Road, Stanford-Le-Hope SS17 0NA 56 Breach is for failing to apply for registration at the required time. £5,000 No appeal
