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Ending two-tier AML system would close gaps in sector defences
In a letter to the Chancellor of the Exchequer, Propertymark has again laid out the benefits of extending full anti-money laundering (AML) supervision to all letting agents, including improved compliance with Money Laundering Regulations (MLRs) and solving the ongoing issue with access to pooled client accounts which has hampered agents for far too long.
Over 250 agents fined for AML non-compliance
HM Revenue and Customs (HMRC) has announced that fines totalling over £1.6 million have been issued for a variety of breaches including missing documentation, incomplete due diligence, and failures to recognise specific risks, such as Politically Exposed Persons, high risk jurisdictions, companies, trusts and sanctions.
Propertymark has authoritative voice on UK money-laundering risk
Every two years, the European Commission assesses the risks of money laundering and terrorist financing affecting both the EU internal market and cross-border activities. As a member of CEPI, the European Association of Real Estate Professionals, we work with them to provide the perspective of the UK market.
Economic Crime levy to increase after income target missed
Very large property agencies, based on their UK revenue, will see contributions to the Levy double from April 2024 after receipts for the period April 2022 to March 2023 showed a shortfall against the target of raising £100 million per year, which is used as long-term sustainable funding to tackle economic crime.