Letting agents remain uncertain about new sanctions reporting obligations set to take effect on 14 May 2025 under the Sanctions and Anti-Money Laundering Act 2018, according to Propertymark.

The agency trade body has identified confusion among its members and has created a resource to help them navigate the changes. Propertymark emphasises that the new rules aim to enhance transparency and combat financial crime in the lettings sector.

Previously, only estate agents were required to conduct sanctions checks and report to the Office for Sanctions Implementation (OFSI), but this legal duty will now extend to all letting agents. Propertymark urges agents to take proactive steps to ensure compliance and avoid potential fines.

Find out more: https://www.propertymark.co.uk/resource/lettings-spotlight-financial-sanctions-reporting-obligations.html