You are here: Home - News -

Estate agents hit with ‘secret’ money-laundering fines – NAEA

  • 22/01/2018
  • 0
Estate agents hit with ‘secret’ money-laundering fines – NAEA
Estate agents that fall short of anti-money laundering rules are hit with “substantial” fines but details of the penalties are not made public, according to the chief of an estate agent trade body.


Agents are required to carry out checks on buyers and sellers under the Money Laundering Regulations.

Businesses that are found to breach the regulation are issued with hefty fines, according to Mark Hayward, chief executive of National Association of Estate Agents (NAEA) Propertymark.

He said: “All estate agents must be registered with HMRC for anti-money laundering purposes and are required to adhere to its systems and procedures.

“HMRC is making spot and random checks among agents, and failure to comply with anti-money laundering regulations will result in substantial fines.

“Due to the remit within which HMRC operates, it is currently unable to make public the names of those who have been fined, and the value of such fines.”

Estate agents are typically unregulated, which means anyone can set up a business.

This can make the firms a target for criminal activity, according to Hayward.

An HMRC spokesperson said: “HMRC takes failure to comply with the Money Laundering Regulations extremely seriously, and we carry out regular checks to ensure customers are correctly following the rules.

“Last year alone these checks led to us issuing more than 880 penalties, which totalled £1,143,000, to all sectors – including Estate Agency Businesses – for failing to comply with the rules.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
headshot of Andrew Bailey, CEO, FCA
FCA consults on FOS extension to cover SMEs

The Financial Conduct Authority (FCA) is consulting on widening access to the Financial Ombudsman Service (FOS) for small businesses.