Estate agents are being fined millions for failing to prevent money laundering – but the fines are ‘not publicly being made known’29th January, 2018
LONDON — Estate agents are being slammed with “business busting” fines under new anti money laundering regulations, according to the head of the National Association of Estate Agents (NAEA), but the amounts are not public.
Tighter regulations were introduced in 2017 under the Money Laundering Regulations, which require estate agents to do anti-money-laundering checks on both the buyers and sellers of properties.
The industry is also subject to the Criminal Finances Act, which introduced the new criminal offence of failing to prevent tax evasion and additional tools to investigate suspected money laundering and terrorist financing.
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