FAQs: Economic Crime and Corporate Transparency Act 2023

The Central England Trading Standards Authorities (CEnTSA) has published a report on a three-year enforcement project across the West Midlands that targeted CMP failures by letting agents and helped protect more than £11.1 million in client money. Propertymark’s compliance team supported the operation by answering hundreds of enquiries from Trading Standards and providing witness statements when required.

Propertymark shared member survey data to illustrate the challenges faced by agents when the UK Government requested evidence on how the UK Money Laundering Regulations could be improved. Ministers have listened, and regulations expected to take effect in early 2026 will have sensible changes to Customer Due Diligence and improve access to compliant business banking services for agencies.

Rules for short-stay accommodation in Wales are becoming more complicated. New licensing standards, tax changes, planning rules and a visitor levy are all being introduced, creating major implications for agents and landlords. For property professionals, this brings both challenges and opportunities — the risk of higher costs, reputational damage, and penalties for non-compliance, but also the chance to stand out by offering well-managed, compliant accommodation that builds trust with guests and demonstrates higher standards.

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.