Agents of all sizes are being urged to make themselves aware of a new anti-money laundering (AML) charge that has come in this month.
A new Economic Crime (Anti-Money Laundering) Levy has gone live from this month.
It applies to all firms regulated for anti-money laundering including lawyers and estate agents.
The levy will aim to raise £100m per year from the AML regulated sector to pay for Government initiatives to tackle money laundering.
Smaller firms with revenue below £10.2m are exempt, so most estate agency firms won’t have to worry.
But industry trade body Propertymark has warned that the Government could one day change the rules.
Timothy Douglas, head of policy and campaigns at Propertymark, said: “Depending on revenue larger and corporate agencies will need to be aware and proactive in checking their status.
“Medium entities will pay £10,000, large entities £36,000 and very large entities £250,000.
“However, it is possible the UK Government may look to change the size bands in the future, a review will be undertaken by the end of 2027. If a business is liable to pay the levy, it must notify HMRC of its liability, make a return and pay the levy on or before 30 September after the end of the financial year for which the liability arises.”
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AML has always been about revenue raising and nothing to do with morality.
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