A searchable register of estate agents supervised by the OFT for anti-money laundering purposes has gone public for the first time. It lists 6,742 estate agents.
Under the Money Laundering Regulations 2007, estate agents have to be registered with the OFT.
A non-public register has been in place since 2009 but the new public register will allow the public, industry and regulators such as Trading Standards to check – and to notify the OFT if agents are not registered.
The register also allows agents to make sure their basic information is up-to-date and accurate.
Failure to register a business could result in the imposition of a penalty by the OFT and/or prosecution.
The level of compliance among agents is not known, but the OFT’s anti-money laundering compliance team uncovered 192 unregistered businesses in England, Wales and Scotland in 2011.
All have since registered, although penalties totalling £11,500 were imposed on five businesses.
David Fisher, OFT Director of Anti-Money Laundering, said: “By making our register available for all to see, we hope to encourage businesses that should be listed to come forward and register, and others to tell us about businesses that are not registered.
“The penalties for not registering are significantly higher than the costs of registering.”
Estate agents are those businesses engaged in estate agency work as defined by section 1 of the Estate Agents Act 1979, and includes property finders and property auctioneers but not letting agents.
https://www.oft.gov.uk/OFTwork/aml/amlsearch
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Comments
How short are people’s memories. Our capital was being bombed by Muslim extremists, this measure was part of a wider plan to stop them and anyone else, funding killing us. It’s the law
I have my AML registration after stupidly stumping up yet another "rip-off" fee to OFT instigated by HMG. Following the link above and entering all my details results in me or my business not being found. What a cock-up! Perhaps I should complain to the Data Protection Registrar that The Office of Fair Trading has an incorrect database as set up by Her Majesty's Government! Perhaps not as this could justify their existence! Just like the EPC fiasco!!!
Spot on Jimmy!
I phoned them up last month and asked them to take me off their register. I don't care about their stupid list, like I don't care about the TPO.
If I give a bad service, people won't use me. If I want to join the Tax Police I will submit my application to the Met or HMRC. Do your own snooping.
As for taking the ID of a vendor and keeping it on file, don't make me laugh. That would just be ridiculous. I've heard that some agents actually do this, and some have even lost instructions as a result of insisting upon it. Idiots.
"......and others to tell us about businesses that are not registered......."
Just a thought...............
Much of the legislation and proposed legislation leaked recently seems to show that 1984 is arriving just a little late. Note also the 'tone' and implication used many of these proposals. Although not all, a lot of the "evidence" used is not proved beyond reasonable doubt yet it will have a huge effect on our personal lives and freedoms.
It's all about control of the serfs.