Changes to fees for Anti-Money Laundering registration
The fees that estate agents will pay for Anti-Money Laundering (AML) supervision are changing, and NAEA Propertymark offers guidance here.
Agents no longer need to pay an application charge to HMRC when applying to register their premises for AML supervision. The premises registration fee has been raised to £300 for each of the premises registered.
Agents will still also need to pay a ‘fit and proper test’ fee, and an approval process fee for each person tested.
Full guidance on the fee changes and the process required to register business premises for AML supervision is available on the gov.uk website.
Estate agents are required by law to register for AML supervision and renew the registration annually. From 10 January, this requirement will also be made of lettings agents meeting certain financial criteria.
AML Guidance And Support
Agents can read more about the changes and what agents must do to register their premises on the gov.uk website.
Propertymark has courses and resources to help agents understand and meet their AML obligations.
Estate agencies who also handle lettings are encouraged to make sure that both sides of their business are Propertymark Protected by having both NAEA Propertymark and ARLA Propertymark membership.
Kindly shared by NAEA Propertymark