Anti-money laundering enforcement: warning for residential and commercial estate agents
By Jeremy Bouch
On 1 April 2014, HMRC took over from the Office of Fair Trading (OFT) as the regulator of residential and commercial estate agents for the purposes of anti-money laundering.
The final act of the OFT was to impose fines totalling £246,665 on three real-estate agents for ‘significant and widespread’ anti-money laundering lapses: Hastings International UK based in south London was fined £47,966; Jackson Grundy based in Northampton was fined £169,652; and Jeffrey Ross of Cardiff was fined £29,000.
These fines represent a significant increase from those previously imposed for these types of breaches. Indeed, as recently as January 2013, Leicester-based IPS Estate Agents was fined £11,844 for money laundering failures…
Click on the link below to read the rest of the Shoosmiths briefing.
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