AML rules set to change soon for letting agents
Summary
The UK government’s 2026-2029 AML strategy indicates that anti-money laundering requirements for letting agents may be tightened in future, with a consultation planned for 2026/27. The strategy also signals possible scrutiny of property developers, stronger supervisory enforcement powers, and a review of how digital identity, AI and suspicious activity reporting are used in AML compliance.
Why it matters
Residential property surveyors may encounter increased AML expectations across transactions and client due diligence, particularly where property ownership structures or letting activity present higher risk. The direction of travel suggests more compliance scrutiny in the property sector, which could affect advisory work, risk assessment and reporting processes.
Key points
- Government will consult in 2026/27 on possible AML rule changes for letting agents
- Current threshold of monthly rents of £10,000 or more remains unchanged for now
- Property developers are specifically identified for consideration in the consultation
- Stronger supervisory powers, including unannounced visits and director accountability, may be explored
- Digital identity, AI and the Suspicious Activity Reports regime are also under review
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