HMRC declared fines of more than £1.6m for agents responsible for committing breaches in April 2024, and Propertymark is issuing a reminder to all agents to ensure they are applying and preserving correct and up-to-date registration with HMRC.
For some, anti-money laundering registration can be a difficult process, however, the penalties for non-compliance can be substantial, with many agents at risk of facing a prison sentence of up to two years or an unlimited fine.
It is vital that property agents are aware that 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 (£8,535) or more.
Propertymark is keen to plug its various resources made exclusively for members, as well as training sessions to help all agents comply with anti-money laundering regulations.
The professional body also wants to shout about its Calm About Compliance audit support service that combines an approachable audit service with 1:1 advice, thereby enabling agencies to navigate their way through government regulations, miss expensive charges, and guard agents against uncertainty.
According t0 Propertymark, 96% of respondents would welcome more prescriptive advice on how to achieve their obligations.
Nathan Emerson, CEO at Propertymark, said: “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.”
