A news release from HMRC on 10 October said that dozens of estate agents have been fined more than £500,000 for breaching AML requirements. It hasnamed 68 estate agents that have been fined for not complying with rules designed to stop criminals laundering money from illegal activity. The fines followed the first prosecution of an estate agent for trading despite not registering with HMRC, to ensure compliance with money laundering regulations.
UK: THERE HAS BEEN A NOTABLE RISE IN AML FINES IMPOSED ON ESTATE AGENTS
On 10 October, an article from Rahman Ravelli made this point, saying that recently-published figures show that AML fines declined by 19% overall in the 2021-22 financial year, but that fines imposed on estate agents rose by 980%, to reach a total of £772,618.
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