AML guidance puts self-employed agents under scrutiny
Summary
HMRC has updated its anti-money laundering guidance to clarify how AML obligations apply to self-employed estate agents, home-based businesses and franchise networks. The guidance indicates that networks may be responsible for compliance where self-employed agents operate under their supervision, and may need to include home-based premises in AML registration where relevant.
Why it matters
Residential property surveyors working alongside estate agents should be aware of the tighter compliance expectations affecting agency networks and self-employed practitioners. The update reinforces the need for clear accountability and robust AML procedures across all business models involved in property transactions.
Key points
- HMRC has clarified AML responsibilities for self-employed agents and franchise networks.
- Networks may be accountable for AML compliance where agents operate under their supervision and procedures.
- Home addresses used as business premises may need to be included in HMRC AML registration.
- Independent agents may need to register separately with HMRC.
- The update comes amid growth in the self-employed estate agency sector.
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