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The Financial Conduct Authority (FCA) will become the Single Professional Services Supervisor (SPSS) overseeing Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) compliance for the legal, accountancy, and trust and company service sectors. HMRC will continue to supervise agents under the Money Laundering Regulations, and firms that are already compliant do not need to make any changes to their existing AML procedures.
Following major changes in global sanctions since 2018, the Office of Financial Sanctions Implementation (OFSI) has sought views on how to update its penalty, disclosure, and settlement frameworks. Reforms should both strengthen deterrence and make it easier for businesses, including property agents, to comply and report breaches confidently.
The 2025 National Risk Assessment (NRA) has once again placed the property sector in the spotlight as one of the most attractive ways for criminals to conceal illicit wealth. Complex ownership structures, offshore companies, and opaque trusts continue to disguise the identity of the individuals behind transactions, with both residential and commercial sales and lettings vulnerable.
Propertymark has responded to HMRC’s consultation on plans to increase the fees it charges businesses it supervises under the Money Laundering Regulations, warning that higher costs could affect small, independent agents hardest and risk undermining compliance. Proposals include raising the annual premises fee from £300 to £400, reintroducing a £400 application fee, and restructuring penalty charges into a new sanction regime with fines of up to £2,000.