Agents account for half of this year's AML registration cancellations

Four estate agents have had their anti-money laundering (AML) registrations cancelled by HMRC so far this year.

The taxman has published its latest list of firms that are failing to comply with AML regulations.

Its list reveals that eight firms have had their registrations cancelled so far this year, of which four are estate agents.

No firms have had their AML permissions suspended.

Buckinghamshire-based A Smart Move Residential had its registration cancelled in April and Hampshire-based Adrian Dowding Estate Agents lost its AML permissions in May, according to the list.

The reason given for the cancellation by HMRC was that it suspects the businesses “will fail to comply with the regulations.”

Nathan Samuel Limited, which trades as a Belvoir franchise in Wigan, had its AML registration cancelled in January, according to HMRC, due to a failure to provide information.

Another agent, Dreamhouse Property, lost its registration in March for failing to provide responsible person details.

None of the businesses appealed the decisions, according to HMRC.

Companies House documents show that Dreamhouse Property has been in liquidation since November 2021.

Estate Agent Today has asked the brands for comment.

It is possible that these firms have since reapplied for AML registration.

A spokesperson for Adrian Dowding Estate Agents said yesterday that its AML registration has been applied and paid for.

It comes after more than 30 agents and property firms such as auction houses and valuers were reprimanded by HMRC for AML breaches last year.

Firms were reprimanded for not registering with HMRC for AML supervision or for failing to conduct adequate checks.

More than 30 estate and lettings agents as well commercial property and auction firms feature on the list for the period April to December 2021.

View the full list of cancellations for 2022: https://www.gov.uk/government/publications/suspension-and-cancellation-of-anti-money-laundering-supervision/cancellation-of-registration-2022-to-2023

https://www.gov.uk/government/publications/suspension-and-cancellation-of-anti-money-laundering-supervision/cancellation-of-registration-2021-to-2022