Further fines announced for failing to apply for AML registration
HMRC has fined an additional 24 firms for anti-money laundering (AML) breaches between April and June 2022.
The latest fines issued were made to estate, lettings, and property investment companies for applying for AML registration in time. The most significant of these fines was made to Ealing-based agency Helliwell & Co Properties which resulted in a fine for £92,267.
This follows a report by campaign group, Spotlight on Corrupttion, who claimed that firms are continually abusing and showing “significant levels of non-compliance” with anti-money laundering rules.
In addition to this, a recent survey revealed that almost half (43%) of property professionals are not improving their AML processes because they either don’t care or don’t think they will get fined. The survey found that 59% of respondents are not completely confident in their AML procedures.
Soloman New Homes International, a property firm, also received a fine for £43,075. A spokesperson said:
“Following an internal review of our compliance procedures, Solomon New Homes realised a gap within its anti-money laundering (AML) processes. We immediately notified the regulator. As a result of this oversight, Solomon New Homes accepted a fine. The amount is based on the turnover of the business.
We can confirm that a fine has also been delivered to Solomon Investment Partners for the same breach, as we are part of the same group, and both companies follow the same compliance procedures. Following this internal review, we immediately strengthened our AML procedures with the addition of a designated AML officer and enhanced training for all staff.”
