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.

Briefings from Shoosmiths

View more briefings from Shoosmiths

Analysis from The Lawyer

  • Hester: declined bonus worth almost £1m

    Pay checks

    Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future

  • high street 150

    Focus: Alternative business structures - Law and new order

    There’s more to the ABS model than attracting the man in the street and procuring external investment. Partners at the big corporate firms, take note…

Overview

2 Colmore Square
38 Colmore Circus Queensway
Birmingham
B4 6BJ
UK
http://www.shoosmiths.co.uk

Turnover (£m): 87.00
No. of Lawyers: 373