£2M in Fines for a Simple Mistake – How Are Businesses Still Getting This Wrong?

HMRC has recently released its latest list of penalties for businesses that have failed to comply with money laundering regulations — and the figures are staggering. Despite years of warnings and guidance, businesses are still being fined for what should be one of the simplest aspects of compliance: registration.

The latest penalties include:
✅ 320 Estate Agency Businesses (EABs) with fines totalling £1,853,465
✅ 53 Art Market Participants (AMPs) with fines totalling £212,787

Across both sectors, a staggering 98% of these penalties were issued due to late or lapsed registrations — an entirely avoidable mistake.

Why Are Businesses Still Getting This Wrong?

It’s hard to believe that businesses are still falling foul of such a basic requirement. Ensuring that your business is registered under the Money Laundering Regulations (MLR) isn’t complicated — but the financial consequences of failing to do so are significant.

Rena Neville, Head of the Art Division at FCS, commented on the penalties:

“This most recent set of penalties revealed by HMRC highlights the importance of Art Market Participants remaining diligent in their compliance practices. With a staggering percentage of these fines attributed to failing to register, it’s critical that AMPs have processes or tools like AML Protect in place to mitigate against these risks.”

Stephen Williamson, MICA, Dip (AML), Senior AML Consultant at FCS, reinforced the message for estate agents:

“HMRC’s latest penalties highlight the financial risks of non-compliance for Estate Agency Businesses, with nearly £2M in fines issued. A simple lapse in registration can be costly, but tools like AML Protect have helped our clients stay compliant and avoid these penalties.”

How to stop this happening to you?

These fines reflect a worrying pattern — businesses are overlooking the basics of compliance. The good news? Avoiding these penalties is straightforward with the right tools in place.

AML Protect is a free, easy-to-use reminder service for your Money Laundering Regulations (MLR) registration renewal. It takes the stress out of remembering deadlines and helps ensure you stay compliant.

Don’t risk unnecessary penalties — sign up for AML Protect today.