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194 agents have incurred penalties totalling over £1 million for breaches identified by HM Revenue and Customs between October 2024 and March 2025. The vast majority are a result of failing to register for Anti-Money Laundering (AML) supervision on time – the most common reason agents are fined. This highlights how important it is for property professionals to understand the rules, apply correctly, and maintain an up-to-date registration with HMRC.
Our robust response to the House of Commons Foreign Affairs Committee consultation on sanctions scrutiny outlines the disparity between the sanctions and anti-money laundering (AML) regimes and underscores the necessity for clearer, more consistent regulations and stronger UK Government support for letting agents navigating complex obligations. Implementing our recommendations will bolster compliance, protect agents, and significantly reduce the risk of economic crime in the UK property sector.
Under the Sanctions and Anti-Money Laundering Act 2018, the UK Government introduced a new regime of issuing financial sanctions following the UK’s departure from the European Union. Under the Act, businesses specified in the Act have to report to Office of Financial Sanctions Implementation (OFSI) if they suspect they are engaging with a client who is under financial sanctions.
Fraudsters exploited the vulnerabilities in the property transaction system by stealing a homeowner’s identity and using a fake driving license to set up a bank account in his name to facilitate a sale in 2021. After four years, on 11 March 2025, a County Court finally granted the owner full possession of his home.