HMRC slaps AML non-compliant firm with fine
A Runcorn-based accounting firm has been named and shamed by HMRC for not complying with the 2017 money laundering regulations.
UK government imposes sanctions on 22 people accused of serious corruption
The UK has imposed sanctions on 22 people accused of serious corruption in Russia, South Africa and four other nations in the first use of a new tool to fight corrupt activities globally.
AML for Estate Agents & Property Firms
Since large sums of money can be laundered in a single transaction, criminals like to use the buying and selling of properties to clean their illegally acquired funds making real estate agencies and property firms vulnerable targets in the process....
Lettings agents must sign up for AML checks as HMRC fixes registration system
Lettings agents have been reminded that they may now need to register with HMRC for anti-money laundering (AML) supervision after a delayed IT system went live.
Property sector and money laundering risk
The traditional high-risk areas of money laundering remain, including financial services, money service businesses, and cash. However, new methods continue to emerge, according to HM Treasury’s 2020 national risk assessment (NRA), the third assessment of money laundering and terrorist financing...
MONEY LAUNDERING RISKS IN THE REAL ESTATE SECTOR
Between 2004 and 2015, UK property worth £180 million was subject to criminal investigations into proceeds of corruption and money laundering.
Agents warned to follow AML procedures following latest HMRC report
The latest report from HMRC on businesses who have received a fine in the period from 1/2/2020 – 20/09/2020 shows the highest enforcement issued was £23.8m to a firm for failure to have controls, policies and processes, customer due diligence...
Purplebricks fined £260,000 for breach of money-laundering rules
Online estate agency Purplebricks has been fined more than £260,000 by HM Revenue & Customs for violating money-laundering rules.
HMRC crackdown on estate agents over money laundering failures
HMRC officers visited 50 estate agents across England after they were suspected of trading without being registered as required under money laundering regulations.
Estate agency is now accepting cryptocurrency as payment
PropertyVine has entered the cryptocurrency market, announcing that vendors and landlords will now be able to pay for its service using Bitcoin and other virtual currencies.
Businesses that have not complied with the regulations, and suspensions and cancellations of registration (2020 to 2021).
As a supervisor of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which came into effect on 26 June 2017, HMRC has a duty to publish details of businesses that do not comply...
