How letting agents can protect against money laundering.
HMRC and supervision of money laundering regulations
Letting agency businesses receiving rent of 10,000 euros or more per month for the duration of at least one month (10,000 euros threshold is per property, not per landlord) must comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
These regulations make sure businesses at risk of being used for money laundering by criminals and terrorists have controls to minimise the risk of this happening.
HM Revenue and Customs (HMRC) has guidance for letting agency businesses about recognising and reducing the risk of money laundering.
HMRC supervise letting agencies under the regulations. If you fall under the requirements of the regulations, you must be registered with HMRC for anti-money laundering supervision. It’s an offence not to register.