Fact Sheet: UK Sanctions Reporting Obligations for High-Value Dealers

The property market remains an attractive target for money laundering because of the value of property assets and the ability to hide ownership through companies, trusts, and overseas structures. An estimated £6.7 billion of UK property was bought with wealth suspected to have come from questionable sources between 2016 and 2022 — yet the National Crime Agency (NCA) reports that the volume of SARs from the property sector remains low.

Landlords and letting agents in Northern Ireland could soon face new requirements to strengthen the Scheme as an enforcement tool; however, the success will depend on clear implementation. Also, agents need certainty about their role, landlords need a straightforward process, and both require confidence that data will be used responsibly.

Local housing authorities in England have gained new investigatory powers under the Renters’ Rights Act 2025, including the ability to enter rental sector business premises as part of enforcement activity. Officers can request and seize documents, but their powers are not unlimited. Agents should know what officers can lawfully ask for, what notice should be given in routine cases, and what protections apply to legally confidential material.

Propertymark has highlighted the challenges property agents face when identifying the hidden influence of Designated Persons in transactions. The Office for Financial Sanctions Implementation (OFSI) is examining how the rules are applied in practice, and we’ve been clear that whilst agents are committed to preventing financial crime, the current expectations are often difficult to meet.