Latest Fines From HMRC Are Impacting EABs

Latest Fines From HMRC Are Impacting EABs
Written by Caroline Walters AICA, Director of Operations, FCS Compliance

In October 2023, HMRC updated its list of Estate Agency Businesses (EABs) who have fallen short of meeting their Anti-Money Laundering (AML) obligations.

The vast majority, of the approximately 70 plus EABs that have been fined, failed to register properly with HMRC. As a consequence, individual fines have been imposed ranging between £2,550 and £52,000. In addition, some EABs have been fined for failures in customer due diligence and failures in the timing of this process.

As the significant £52,000 fine demonstrates, HMRC are committed to enforcing compliance with the UK Money Laundering Regulations. It is essential to ensure not only that you are registered with HMRC, but that your continued registration is renewed on time, you have up to date policies & procedures and your customer due diligence is aligned with the latest HMRC guidance.

Full details can be found here.

As ever, FCS Compliance is here to help, so please do get in touch.

^{Article written January 2024}