The real estate sector continues to have significant focus from its money laundering regulator – HMRC. Following a crackdown in March, which saw 50 estate agents suspected of trading without being registered receive regulator visits, HMRC has released updated money laundering guidance for the sector.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment
Those operating in this industry are now required to conduct ongoing monitoring and evidence they are doing so.
Also, estate agents will be required to conduct due diligence on the ultimate beneficial owner, persons of significant control and their relatives or close associates in any transactions.
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