Estate Agent Challenges HMRC Fine Over Money Laundering Regulations Dispute
Minors and Brady, an estate agent operating in Norfolk and Suffolk, is contesting a £23,400 penalty imposed by HMRC. The fine stems from the firm’s failure to register within the required timeframe under anti-money laundering (AML) regulations.
Details of the HMRC Fine
The penalty notice was issued to Minors and Brady between April 1 and September 30 of the previous year. The estate agency has several locations, including:
- Caister
- Dereham
- Diss
- Norwich
- Oulton Broad
- Wroxham
Dispute Resolution Process
After receiving the penalty, Minors and Brady appealed the decision. They are currently engaged in Alternative Dispute Resolution (ADR) to address the matter.
The estate agent reported receiving an apology from HMRC, both verbally and in writing, regarding its inclusion on a published list of businesses fined for non-compliance.
HMRC’s Role in Money Laundering Regulations
HMRC is responsible for enforcing the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017. They publish information on businesses that fail to comply with these regulations.
Other Businesses Fined in Norfolk and Suffolk
Several other estate agents in the region faced similar penalties for registration delays:
- G A Services Norfolk Limited: £1,500 fine, no appeal.
- Hudson Property Services Limited: £3,500 fine, no appeal.
- Merry & Co Limited: £2,750 fine, no appeal.
Overview of HMRC Penalties
In total, HMRC has issued 369 penalties across various sectors, amounting to over £1.88 million. Estate agents accounted for a significant portion, with 170 penalties totaling more than £835,000. Other regulated sectors also received fines, including accountancy services and money service businesses.
Minors and Brady continues to seek resolution with HMRC regarding its penalty and strives to comply with existing regulatory requirements.
