An estate agent which has properties across Nottingham and the wider county has been fined more than £50,000 for breaching anti-money laundering regulations. Hortons Estate Agents, based in Leicestershire, was found to be trading despite failing to register with HM Revenue and Customs (HMRC).
Estate agents are among the list of businesses that must not trade without registering with the government body and any violation is considered a criminal offence. Supervisor HMRC has now named the 68 estate agents that have been fined a total of £519,645 for not complying with rules designed to stop criminals laundering money from illegal activity.
The watchdog has published the full list of the estate agents which have been fined between January 1 and March 31 this year. They also announced the first prosecution of an estate agent in London for trading for three months without being registered.
The Hortons' branch, in Chapel Street, Ibstock, was fined £53,400 for failing to apply for registration at the required time. The firm has not appealed against the penalty.
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Director Adam Horton added: "I completely accept responsibility for not registering for anti-money laundering supervision with HMRC in 2016, and I paid the fine promptly. It is important for me to highlight that this fine was solely due to the late registration of our company with HMRC, and not because of any form of money laundering, or its facilitation.
"I want to assure all our clients and buyers past, present, and future that we have rigorous processes for AML checks and customer due diligence, and take our responsibilities extremely seriously. An oversight made as a 24 year old has taught me a valuable lesson for the future of my business."
Nick Sharp, HMRC’s Deputy Director of Economic Crime, said: "We are determined to create a level playing field for businesses who play by the rules. That means taking action against the minority of businesses who fail to fulfil their legal responsibilities under the money laundering regulations.
"Money laundering is not a victimless crime. Our regulations are there to protect businesses from those criminals who would prey on their services to wash their dirty money.
"Serious and organised crime costs the UK billions of pounds every year and our anti-money laundering supervision is a vital tool in combatting that."
The full list of businesses not complying with money laundering regulations is published on GOV.UK and sees 175 businesses receiving penalties totalling £2,180,708. The list was previously published in May 2022, which saw 147 businesses, including 41 estate agents, receive penalties totalling almost £800,000.
This latest round of penalties also sees the first business in the arts sector being fined. HMRC is currently investigating a number of other cases of businesses failing to register whilst trading, which could lead to prison sentences of up two years and an unlimited fine.
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