The Guild of Property Professionals launches ‘AML Spring Clean’ to bolster Member compliance
As part of its ongoing compliance support to Guild members, The Guild of Property Professionals has launched an ‘AML Spring Clean’ initiative with the aim to help Members review, refresh, and reinforce their AML policies and procedures, ensuring they meet all necessary legal requirements – and to help avoid any HMRC penalty!
Recent fines issued by HMRC have served as a stark reminder to the property sector of the critical importance of robust AML compliance. Notably, several fines were related to agents failing to maintain their AML supervision status with HMRC, a requirement that necessitates annual renewal and can sometimes be overlooked, leading to a lapse in registration and significant penalties.
With the clocks having gone forward and Easter around the corner, The Guild is encouraging its Members to use this time to proactively ‘spring clean’ their compliance frameworks. Paul Offley, Compliance Officer at The Guild of Property Professionals, will be working directly with Members to guide them through this process. The focus will be on ensuring their AML systems are not only efficient and effective but also fully compliant with the latest regulations.
“The recent HMRC fines highlight that AML compliance is not a ‘set and forget’ task,” stated Offley. “Simple administrative oversights, like missing the annual supervision renewal, can lead to serious consequences for agencies. Our ‘AML Spring Clean’ is designed to proactively support our Members, helping them review everything from their risk assessments and Customer Due Diligence processes to ensuring their HMRC registration is current and correct. We want to empower our Members to operate confidently, knowing their compliance framework is sound.”
Key areas critical for estate and letting agency compliance under the Money Laundering Regulations include:
HMRC Registration: Mandatory registration for AML supervision which should be maintained at all times – agents often miss a renewal date!
Have appropriate governance documents in place and reviewed annually.
Customer Due Diligence (CDD): from assessing risks, verification of ID, plus PEP and financial sanction checks.
Record Keeping: Maintaining accurate, accessible records of CDD checks and transactions.
Suspicious Activity Reporting (SARs): Having procedures to identify and report suspected money laundering or terrorist financing to the National Crime Agency (NCA).
Financial Sanctions: (For Letting Agents from 14 May 2025) Implementing procedures to check for and report suspected breaches of financial sanctions to the Office for Financial Sanctions Implementation (OFSI).
Failure to comply with these regulations can result in severe penalties, including substantial fines, reputational damage, and potential criminal prosecution. The Guild’s initiative aims to provide Members with the knowledge and support needed to navigate these complex requirements and mitigate risks effectively. The Guild encourages all Member agents to engage with the ‘AML Spring Clean’ resources and support offered to ensure their ongoing compliance and protect their business.
Andrew Stanton CEO Proptech-PR
Andrew Stanton Founder & Editor of 'PROPTECH-X' where his insights, connections, analysis and commentary on proptech and real estate are based on writing 1.3M words annually. Plus meeting 1,000 Proptech founders, critiquing 400 decks and having had 130 clients as CEO of 'PROPTECH-PR', a consultancy for Proptech founders seeking growth and exit strategies. He also acts as an advisory for major global real estate companies on sales, acquisitions, market positioning & operations. With 200K followers & readers, he is the 'Proptech Realestate Influencer.'
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
