How to comply with the Money Laundering Regulations (auctioneers)

Propertymark works to ensure our members understand the full extent of their legal obligations, and for letting agents this includes tenancy deposit protection. The Siddeeq v Alaian court case highlighted concerns about how and when prescribed information must be served, and with the implementation of the Renters’ Rights Bill on the horizon, it’s a relevant reminder that agents must be precise and compliant when dealing with tenancy deposits in England and Wales.

The property sector has seen a significant regulatory shift with the quiet withdrawal of the National Trading Standards Estate and Letting Agency Team (NTSELAT) Material Information Guidance. This change coincides with the enforcement of the Digital Markets, Competition and Consumers Act (DMCC Act) on 6 April 2025 which supersedes the Consumer Protection from Unfair Trading Regulations 2008 (CPRs) and has shifted power over consumer protections to the Competition and Markets Authority (CMA).

Plans are afoot to strengthen HMRC (HM Revenue and Customs) to act quickly and robustly against professional tax advisers who help clients avoid paying the correct tax. Propertymark welcomes this because it aligns with our calls to the Treasury, and we support HMRC’s ambition to ensure the financial sector upholds the highest standards and integrity of the tax system.

US trade tariffs are shifting global auction dynamics, and UK auctioneers are being drawn into the ripple effects of international policy. While these measures are largely designed to protect US industries from Chinese competition, they’ve also had knock-on effects on transatlantic trade, complicating the movement of goods and altering buyer behaviour in ways that UK auction businesses are starting to feel. So, how can UK auctioneers respond with confidence to a changing market?