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11th May 2023, 20:20

Local estate agent fined for breaching anti-money laundering obligations

Published by GBC News

A local estate agent has been fined for breaching anti-money laundering obligations.

The £850 fine was issued to Property Promise by the Office of Fair Trading, following an on-site inspection.

The visit formed part of an ongoing OFT programme aimed at ensuring estate agents are meeting their obligations under the Proceeds of Crime Act and the Sanctions Act.

Although no evidence of money laundering or terrorist financing was found at Property Promise, several breaches and deficiencies were highlighted.

As the business failed to pay the fine within the set time frame, the OFT decided to make their name public.

In the last year, 24 on-site visits have been carried out, resulting in nine fines totalling over £12,000.