January 22 2018
Estate agents that fall short of anti-money laundering rules are hit with “substantial” fines but details of the penalties are not made public, according to the chief of an estate agent trade body. Agents are required to carry out checks on buyers and sellers under the Money Laundering Regulations.
Businesses that are found to breach the regulation are issued with hefty fines, according to Mark Hayward, chief executive of National Association of Estate Agents (NAEA) Propertymark. He said: “All estate agents must be registered with HMRC for anti-money laundering purposes and are required to adhere to its systems and procedures.
