FAQs: Economic Crime and Corporate Transparency Act 2023

Recent headlines may have made fraud sound like a fast-growing threat across the whole market; however, HM Land Registry’s own figures show that in 2024–25 it received 4,429,092 applications to create or update the register and identified only 86 as fraudulent, or just over 0.0019 per cent. Even so, the sums involved can be significant. In the same year, HM Land Registry says it prevented the registration of fraudulent applications against more than £59 million worth of property.

HM Revenue and Customs (HMRC) has issued hundreds of thousands of pounds in new fines to property agents for failures to comply with anti-money laundering (AML) regulations, reinforcing the consequences of getting compliance wrong. The latest enforcement action covers the 2025–26 reporting period and includes 170 penalties issued to estate agency businesses, totalling more than £835,000. Letting agents are also within HMRC’s supervisory scope where transactions meet the required thresholds.

All UK sanctions designations maintained by the UK Government will be consolidated into an official list and updated in one place. This is a significant operational change for property agents, auctioneers and other regulated businesses, which should make checking clearer and more straightforward. Sanctions compliance are part of wider financial sanctions and anti-money laundering obligations, and failures can carry serious legal and reputational consequences.