Over 20,000 UK agency branches have now registered with HMRC for anti-money laundering supervision.
A new analysis from risk management platform Thirdfort shows that 20,059 UK branches across the country are now checked in with HMNRC, which is the anti-money laundering supervisor for the estate agency sector.
This is up 3,329 from 16,730 in December 2021.
However, Thirdfort estimates that some 4,000 branches still need to register or complete renewal with HMRC.
It says government data puts the estate agency branch total in the UK at some 24,500 which suggests 18 per cent are still not registered with HMRC.
Thirdfort managing director Olly Thornton-Berry says: “Money laundering is a serious and growing risk in the property sector. It costs the UK more than £100 billion annually.
“As a result, HMRC and other regulators are stepping up their oversight. So, to avoid fines, reputational damage or even an outright ban, we would encourage all estate agents to register for money laundering supervision with HMRC.
“Once registered, agents do not need to worry about spending days or weeks complying with the regulations.”
The company says it’s verified over a million people on behalf of more than 1,000 conveyancers, lawyers, estate agents and other regulated professional services firms.
Most agents are falling foul of anti-money laundering (AML) rules by...
A tech company in the compliance sector claims that 25 per...
More than one in seven (13%) buyers purchasing properties in the...
Just one estate agency has signed up to become a UK-regulated...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.jpg){kind=logo}
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
.jpg)
Tell us a little bit about National Home Move. We are a...
If you’re thinking about becoming an Estate Agency franchise or converting...
Estate agents and lettings agents have a legal obligation to protect...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
When almost all agents and developers use the tried and tested formula...
I think we can all agree that the National Trading Standards...
.png)
As domestic battery storage systems become increasingly prevalent in UK homes,...
.png)
A team from The ValPal Network joined industry Facebook ads expert...
.png)
In this interview, Riccardo Dawson, Chief Operating Officer at Alto and...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
A client account is essential to your lettings business, but the...
As electric vehicles increasingly populate our roads and the necessity for...
As estate agents, it is important to make sure that your...
Estate agency has changed. No longer is it required to sit in...
Changes to consumer behaviour usually arrive in waves. Most of the...
At iamproperty we are excited to share the announcement of our...
It’s no secret – 2023 is a difficult year for the...
In an exclusive interview with Estate Agent Today, Simon Coaker, Sales &...
2023 has been coined as ‘the year of AI adoption’, and...
%20(002).jpg)
There are a few common questions that arise when the issue...
As a signage company we know we have a serious responsibility...
The Government’s mini budget on September 23 was anything but ‘mini’...
Agent websites have become more crucial than ever in attracting new...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
There are 34,000 'companies' at Companies House who 'do' property and would need cover and at least another 7,500 companies that act as a Sole trader basis not registered there. So probably it is nearer 45,000 who should be registering, a shame that no-one has software to put that 'big' list together, I think Chat-GPT could do it in a few minutes if you asked the right questions / filtered out the fake data etc.
I wonder after all this work, how many arms dealers, drug dealers, terrorists etc, have been caught?
Probably none
Please login to comment