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The Department for Business and Trade (DBT) has published in-depth advice for anti-money laundering (AML) regulated firms to explain the legal protections around sharing client data. The Economic Crime and Corporate Transparency (ECCT) Act 2023 introduced provisions that allow businesses to tackle AML by voluntarily sharing and receiving information, however, agents have raised concerns that they may be liable for breaches of confidentiality.
From the end of October 2024, UK banks will be able to hold payments for up to four days whilst investigations of potential fraud are carried out, raising concerns that the large transactions needed for property purchases may be incorrectly blocked. The change follows stricter rules on fraud compensation which came into force on 7 October 2024, meaning that banks must refund scam victims up to £85,000 within five days.
Property agents must obtain a certificate confirming membership of an approved Client Money Protection (CMP) scheme and meet specific in-branch and online display requirements to comply with the law. Breaches can result in civil penalties of up to £5,000.
In April 2024, HMRC announced fines of over £1.6 million for agents found to have committed various breaches, and we are concerned that agents, including some Propertymark members, may be incorrectly applying, failing to apply or not maintaining an accurate and up-to-date registration with HMRC.