True £45k AML compliance cost for agents is revealed
Summary
The article reports that HMRC’s updated AML guidance has increased the operational burden on estate agencies, with one analysis suggesting an average branch may need a dedicated full-time compliance officer costing around £45,000 a year. It argues that AML can no longer be treated as an incidental task and now requires formal risk assessments, policies and ongoing checks.
Why it matters
Although the focus is on estate agents, the piece highlights the growing expectation for property businesses to evidence robust compliance processes and specialist oversight. Surveyors involved in agency, valuation or transaction support should be aware of the wider compliance environment and the increasing emphasis on documented risk management.
Key points
- HMRC has issued updated AML guidance this summer.
- Estate agents must maintain a written, business-specific risk assessment and appropriate PCPs.
- Ongoing AML work may require a dedicated compliance professional at an estimated cost of £45,000 per year.
- Using existing staff for AML duties may create a hidden cost through lost sales activity.
- The article frames AML as specialist compliance work rather than a side task.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
