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Letting agency businesses across the UK need to work to a new framework from 14 May 2025 under the Sanctions and Anti-Money Laundering Act 2018, and it is vital that every agent understands the rules and adjusts working practices and systems accordingly. Through our vast network of members, some confusion has been highlighted around the rules, and we have produced resources to navigate the requirements.
Under the Sanctions and Anti-Money Laundering Act 2018, the UK Government introduced a new regime of issuing financial sanctions following the UK’s departure from the European Union. Under the Act, businesses specified in the Act have to report to the OFSI if they suspect they are engaging with a client who is under financial sanctions.
Trading in ivory from the common hippopotamus, killer whale, narwhal and sperm whale will now be banned under The Ivory Act 2018 (Meaning of “Ivory” and Miscellaneous Amendments) Regulations 2025. The new legislation was originally laid in parliament in May 2023, under the previous UK Government, but implementation has been delayed due to a lack of parliamentary time.
From 14 May 2025, letting agents, high-value dealers and art market auctioneers must make an official report to the HM Treasury Office of Financial Sanctions Implementation (OFSI) if they have evidence, or a reasonable suspicion, that a client has broken financial sanctions regulations. Propertymark promotes the important role property professionals have in preventing financial crime; however, it is disappointing that HM Treasury has not taken the opportunity to remove the anti-money laundering (AML) reporting threshold and simplify compliance for all agents.