New analysis shows majority of estate agents complete HMRC AML registration
Just 5% of branches still need to register
More than 24,000 UK estate agency branches have registered with HMRC for money laundering supervision – an increase of around 2,300 branches in just over a year, according to new analysis from client due diligence platform Thirdfort.
Some 24,003 estate agent branches across the UK have registered with HMRC, the anti-money laundering supervisor for the estate agency sector, according to the latest data available from HMRC. Analysis from Thirdfort, which combines Know Your Client (KYC), Anti-Money Laundering (AML), and Source of Funds (SoF) verification, shows an increase of 2,340, up from 21,663 in August 2024.
Olly Thornton-Berry, co-founder and CEO of Thirdfort, said: “Estate agents face increased risks of money laundering. HMRC and other regulators have stepped up their oversight and continue to issue fines for regulatory failures. To avoid such penalties, all estate agents should register for money laundering supervision with HMRC. Once registered, agents can streamline and strengthen their anti-money laundering compliance by using technology like our due diligence platform. This makes it quick and easy to undertake AML verification and means compliance becomes a competitive advantage.”
Figures also indicate that the number of unregistered estate agents, or those completing their renewal, is dropping yearly. Last year, 3,500 branches were unregistered or were still completing the renewal process, or 14% of the total. This year, just 1,152 branches still need to register or complete their renewal with HMRC. Compared to the 25,155 estate agents in the UK, according to the latest Office of National Statistics data, this represents just under 5% of branches. Some of these branches will be in the process of renewing and therefore not recorded in HMRC’s online figures, which only records branches once they have been approved.
Thirdfort’s mission is to protect society from fraud and money laundering. The platform offers simple and secure client due diligence checks for regulated professionals, through automated ID verification, anti-money laundering and Source of Funds checks on individuals and businesses conducting high-value transactions such as buying property, drafting a will or instructing a financial advisor.
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