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Agents warned after HMRC reveals protocol breaches

Propertymark has issued a warning to agents following the fines imposed on three property agencies by HM Revenue & Customs for breaching anti-money laundering regulations.

Nathan Emerson, Propertymark chief executive, says: “Propertymark expects members to operate at high standards, and our compliance and regulation work is an important part of meeting those standards. 

“We monitor agents named by HMRC and open a case against them. Those cases involve gathering evidence through investigations as well as the HMRC report. Cases then enter into a disciplinary and tribunal process which will consider the evidence and decide if the imposed fine is sufficient or if more action is deemed appropriate. 

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“Anti-money laundering processes are important for agents to safeguard against criminal activity and to protect their reputations as robust professionals. As a body who wants to support and educate agents we offer anti-money laundering resources and training - the details of which can be found on the Propertymark website.”

One buying agency and two sales and lettings agencies were recently named by HMRC for a range of breaches. 

Details of the three agencies are here, and the full HMRC list of companies found to have breached the regulations is here.

  • Daniel Hamilton-Charlton

    Outsource to a robust, compliant solution and sleep at night. Need any help, contact me.

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