24 agency brands among latest firms fined for AML breaches

HMRC fined 24 estate agency and property businesses for anti-money laundering (AML) breaches between April and June 2022, new figures show.

The latest AML fines data from the taxman shows 65 businesses received fines for breaching rules such as not registering with HMRC or for not conducting due diligence.

Estate, lettings and property investment companies made up 24 of the fines and the largest was to Ealing-based agency Helliwell & Co Properties for £92,267.

Yorkshire-based Wilman & Lodge also saw a double digit fine of £13,300, while lettings agent BTC London received a £12,411 penalty.

All the agency fines were for failing to apply for AML registration at the required time and none of the businesses appealed.

Helliwell & Co Properties said the matter has now been addressed resolved with HMRC.

Estate Agent Today has asked Wilman & Lodge and BTC London for comment.

Property firm Solomon New Homes International also received a £43,075 fine from HMRC.

A spokesperson for Solomon said: “Following an internal review of our compliance procedures, Solomon New Homes realised a gap within its anti-money laundering (AML) processes. We immediately notified the regulator.

“As a result of this oversight, Solomon New Homes accepted a fine. The amount is based on the turnover of the business.

“We can confirm that a fine has also been delivered to Solomon Investment Partners for the same breach, as we are part of the same group, and both companies follow the same compliance procedures.

“Following this internal review, we immediately strengthened our AML procedures with the addition of a designated AML officer and enhanced training for all staff.”