NAEA ‘surprise’ at 250% money laundering supervision fee rise

first_imgEstate agent are to face a significant rise in the supervision fees they pay HM Revenue and Customs (HMRC).From May 1 this year all estate agencies with a turnover of more than £5,000 must pay £300 a year to be registered for money laundering supervision, while those with a turnover under £5,000 must pay £180 a year.The current annual fee is £130. HMRC says the rise is needed to fund more staff to track down agents who are not compliant with the UK’s money laundering regulations, and to increase the level of education and training.“While we welcome the increased resources from HMRC to tackle the issues around anti-money laundering, we are somewhat surprised at the significant uplift in fees in the region of 250%, particularly at a time when the industry is beleaguered by additional legislation,” says Mark Hayward, Chief Executive, NAEA Propertymark.“However, we look forward to seeing more enforcement activity as a result of the increase.”The fee increases, which apply to all businesses required to register under money laundering regulations including estate agents, accountants and banks, are on top of several other charges levied by HMRC.This includes a £40 fee per employee to check them for any relevant criminal convictions.As well as the HMRC, the Home Office is currently conducting an aggressive campaign to remind agents to submit Suspicious Activity Reports via its ‘Flag it Up’ campaign. Of the nearly 500,000 SARs filed last year, most were provided by banks and only a small percentage offered up by estate agents.For information about money laundering and your obligations, click here.Mark Hayward HMRC NAEA anti money laundering flag it up April 5, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » NAEA ‘surprise’ at 250% money laundering supervision fee rise previous nextRegulation & LawNAEA ‘surprise’ at 250% money laundering supervision fee riseHMRC is to raise the annual fees it charges agents to be part of its money laundering supervision scheme from May 1st this year.Nigel Lewis5th April 201901,355 Viewslast_img

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