Money Laundering Regulations

Money Laundering

If you are a Principal, Partner or Director Member, then we require your company(ies) to be registered with HM Revenue & Customs for anti money laundering (AML) purposes if applicable.

Business Types Covered by Money Laundering Regulations 2007

The following business activities of Member firms of Propertymark are caught by the Money Laundering Regulations (but see links below to HMRC for full definitions):

Compliance with the Money Laundering Regulations is taken very seriously by the authorities; in March 2014 three estate agents were issued with fines ranging between £29,000 to £169,652 for failing to meet their legal obligations.  

Propertymark has created guidance for members which covers the Money Laundering Regulations (2007), the Proceeds of Crime Act (2002) and the Terrorism Act (2000). If members fall foul of the rules they could face a Propertymark disciplinary process which could involve expulsion and a fine of up to 5 million euros.

Download anti money laundering guidance

What You Should Do

HMRC are responsible, as supervisors for Estate Agents, TCSP and other business areas, to ensure that companies they supervise are complying with their obligations under the legislation and they maintain a register of their supervised population.

We require you to submit confirmation of your registration with HMRC. This could be a HMRC AML reference number or other supporting documentation from HMRC. 

Register with HMRC

We are intent on ensuring all of our Divisional Members comply with the requirements of the legislation and maintain the standards that we expect of them for the benefit of our membership as a whole. 

Money Laundering Reporting Officer

Under the Regulations, you're required to nominate a person within your business to act as a Money Laundering Reporting Officer (MLRO) and a Deputy, where applicable.

We would like to know the contact details of the MLRO within your business to make it easier for you to keep up-to-date with any legislation updates and other useful information.

We have a form that can be downloaded that asks for the company legal name plus the title, name, address, email and telephone number of the Money Laundering Reporting Officer plus the Deputy.

Download the form