More than 24,000 UK estate agency branches have now registered with HM Revenue & Customs (HMRC) for money laundering supervision, marking an increase of around 2,300 branches in just over a year.
According to the latest HMRC data, 24,003 estate agent branches across the UK are currently registered under its anti-money laundering (AML) supervision for the estate agency sector.
Analysis by client due diligence platform Thirdfort, which integrates Know Your Client (KYC), AML, and Source of Funds (SoF) verification, highlights a rise of 2,340 branches since August 2024, when the figure stood at 21,663.
Olly Thornton-Berry, co-founder and CEO of Thirdfort, said: “Estate agents face increased risks of money laundering. HMRC and other regulators have stepped up their oversight and continue to issue fines for regulatory failures. To avoid such penalties, all estate agents should register for money laundering supervision with HMRC.”
“Figures also indicate that the number of unregistered estate agents, or those completing their renewal, is dropping yearly,” he continued. “Last year, 3,500 branches were unregistered or were still completing the renewal process, or 14% of the total. This year, just 1,152 branches still need to register or complete their renewal with HMRC.”
Compared to the 25,155 estate agents in the UK, according to the latest Office of National Statistics data, this represents just under 5% of branches.
“Some of these branches will be in the process of renewing and therefore not recorded in HMRC’s online figures, which only records branches once they have been approved,” Thornton-Berry added.
