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TODAY'S OTHER NEWS

Propertymark reminds agents of AML obligations amid high fines

Propertymark has issued a reminder to agents about anti-money laundering (AML) compliance as HMRC declared fines of more than £1.6m for breaches by the sector.

It comes as research by the trade body shows 96% of agents would welcome more prescriptive advice on how to achieve their obligations.  

Propertymark highlighted that it has AML resources made exclusively for members, as well as training sessions to help all agents comply with the regulations.

The professional body also offers its Calm About Compliance audit support service that combines an approachable audit service with 1:1 advice, enabling agencies to navigate their way through difficult government regulations, miss expensive charges, and guard agents against uncertainty.  

Nathan Emerson, chief executive at Propertymark, said: “With many agents still unaware that they need to register with HMRC for anti-money laundering supervision, it is vital that they do so in order to not only comply with the law and avoid hefty fines and prosecution but continue to provide consumers with confidence and trust in the marketplace.” 

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    Wait till they find out about Material Information?!?
    This the sort of thing that estate agents could discuss with a Solicitor because each case is different and Source of Funds and Source of Wealth are difficult concepts as is the Risk Assessment.
    It’s good to talk.

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