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HMRC Increases Anti-Money Laundering Supervisions Fees for Estate Agents

Thursday 04 April 2019

HM Revenue and Customs (HMRC) are raising anti-money laundering supervision fees for estate agents from 1 May 2019. The annual registration fee is increasing to £300 per premises for businesses with a turnover of £5,000 or above and £180 for businesses with a turnover below £5,000.

All estate agents will pay the £300 premises fee when they renew. However, if their turnover is less than £5,000 they can apply for a reduction. Information on how to do this is available here.
The charge for fit and proper (F&P) testing is increasing to £150. The approval check fee will remain at £40.

HMRC States

In continuing to strengthen HMRC's contribution to the UK’s fight against the threat of anti-money laundering and terrorist financing, they are introducing significant enhancements to its supervision and taking a more robust approach to tackling non-compliance with the Money Laundering Regulations. Key improvements include plans aiming to help registered businesses getting things right first time: increasing the number of staff available for more face-to-face and desk-based interventions with registered and unregistered businesses and providing more educational products and activity, including webinars and online-learning.

Mark Hayward, Chief Executive, NAEA Propertymark comments: “While we welcome the increased resources from HM Revenue & Customs (HMRC) to tackle the issues around anti-money laundering, we are somewhat surprised at the significant uplift in fees in the region of 250%, particularly at a time when the industry is beleaguered by additional legislation. However, we look forward to seeing more enforcement activity as a result of the increase.”

Guidance, Training, Roadshows and Resources from Propertymark

Propertymark has various resources, links to HMRC guidance, training courses and other resources which will help you to comply with the regulations – view full details.

Our members' only AML - How to comply guide will explain in more detail the steps that business should take to ensure compliance with the regulations. You can also pick up a printed copy at one of our workshops.

For the latest updates, including what to expect from the forthcoming fifth Money Laundering Directive, you should attend one of our many events taking place throughout 2019 and nationally. Our Roadshows take place during May in Leeds, Stratford-upon-Avon and Exeter. Or find a regional conferences or workshops near you.

We also offer three AML courses - at foundation, intermediate and advanced levels, so whatever your level of experience there will be something to suit you.

Further information

Anti-Money Laundering Toolkit
Treasury Committee release report on Economic Crime
Unannounced inspections from HMRC in money laundering crackdown