Letting & Estate Agent Podcast 3 Biggest mistakes agents make with their AML - Ep. 2341
Sep 29, 2025
Sue Hopson, a compliance expert with nearly 30 years in housing, dives into the top anti-money laundering mistakes estate agents make. She highlights the critical error of failing to register with HMRC and the repercussions of poor recordkeeping and due diligence. Sue also clarifies the difference between proof and source of funds, emphasizing the need for thorough checks. Lastly, she advocates for better, engaging AML training within agencies, urging agents to read HMRC guidance for effective compliance.
AI Snips
Chapters
Transcript
Episode notes
Register Annually Without Excuse
- Register with HMRC for AML and diarise the annual renewal through the portal to avoid penalties.
- If you discover you missed years, be honest and notify HMRC to mitigate fines.
Late Registration Multiplies Risk
- Fines scale with how long an agent traded unregistered, so late registration reveals trading history and triggers larger penalties.
- HMRC focuses on education but will escalate to significant fines for repeat or long-term non-registration.
Register Each Trading Office
- Remember registration is required per office, not just per company, and must be kept current for each trading location.
- Check your structure and register every office to avoid falling foul of the rule.