New figures have revealed that the average anti-money laundering (AML) fine issued to estate agents for non-compliance reasons, has risen rapidly so far this year.
The latest analysis, by the identity verification checks provider Credas Technologies, shows the average AML fine issued in the 2022/23 financial year was £5,350.
This is a 49% increase compared to the 2021/22 financial year.
Estate agency businesses sit fourth in the table when it comes to the average fine issued so far this year.
Only letting agencies (£9,050), art market participants (£10,000) and money service businesses (£1.5m) were issued higher average fines.
Ever since the introduction of AML back in 2017, estate agency businesses have been fined a total of £2.5m in AML penalties, which ranks second across all supervised sectors, behind only Money Services Businesses.
When it comes to individual fines issued by HMRC since 2017, estate agents have the worst record.
They now account for almost half (49.8%) of the total 544 penalties issued across all sectors.
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PLEASE NOTE: Article written 19th July 2023. Information contained within this article is likely to change and therefore should not be relied upon or form part of any form of decision making without seeking professional advice. *
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Any guidance and/or advice contained within this document is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. Any technical or regulatory information contained within this document was correct at the time of producing it but as it may be subject to change it should not be exclusively relied upon when making a financial decision. The Financial Conduct Authority does not regulate advice on Buy to Let mortgages.
Article written: July 2023 190723 MZ000278
