Agent issues statement in response to anti-money laundering fine

HMRC has imposed fines on three property-related firms that have been in breach of Anti-Money Laundering Regulations.

Robert Holmes & Company in London has been fined £6,591 for being in breach of a variety of regulations including failures in having the correct policies, controls and procedures; internal controls; conducting due diligence and timing of verification..

Jess Simpson Ltd, a company registered in Oxfordshire, was fined £6,300 for failing to apply for registration at the required time – despite reporting themselves to HMRC when the offence came to light.

Landmark Sales and Lettings, based in Reading was fined £5,250 for “breaches in conducting due diligence” and the timing of verification.

Also in the lists is the cancellation of the registration of Surelet Hemel Hempstead Ltd. That company was at the centre of a rather bizarre tale.

In a 2019 case at Luton Crown Court, Sunil Mehta, the boss of the letting agency, pleaded guilty to managing a brothel and also two counts of fraud. The brothel was housed in a property that Mehta rented from his own company using a pseudonym.

Yesterday evening EYE received a statement from Jess Simpson Property Search in response to their Anti-Money Laundering fine:

“A fine was issued to Jess Simpson Ltd earlier in the year due to trading for a period of time without being registered with HMRC.  During this time, and since the company was established in 2017, Jess Simpson Ltd has been following the Anti-Money Laundering guidelines, carefully ensuring that all clients and respective sellers comply with all necessary regulations. Jess Simpson Ltd uses a respected agency to audit and monitor AML compliance activities. As a result of their review, the oversight of non-registration came to light. Jess Simpson Ltd immediately registered with HMRC and the fine was issued.

“Managing Director, Jess Simpson, states: “Since the inception of the company, we have always complied with the level of diligence required to meet the Anti-Money Laundering regulations, something we take very seriously. Unfortunately, failure to register the business with HMRC at the appropriate time has resulted in a fine. Thankfully this has been quickly rectified and Jess Simpson Ltd complies accordingly.”

The HMRC lists are here.

Letting agent awaits sentencing after pleading guilty to running a brothel

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4 Comments

  1. jsmcr

    So the lesson is just make sure you’re registered but perhaps keep quiet if there was a gap in registration at any time.

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  2. MichaelDay

    jsmcr

    Agents who are not registered for supervision will, as is demonstrated here, likely face a fine and do need to ensure their renewal dates etc are monitored and actioned. Information given to HMRC needs to be kept up to date too.

    Failing to register or letting registration lapse and ignoring will, I am certain, and, quite rightly, result in a significantly tougher level of punishment.

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    1. jsmcr

      You’ve missed my point. The agent who voluntarily reported themselves to HMRC was charged the same/more than those who were investigated, so you’re dammed if you do and dammed if you don’t. It places no benefit on honesty and integrity, so just let HMRC do the work.

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  3. Countrybumpkin

    Who here has tried to fill out the ridiculously long registration only for it fail at submission. Then you try and call to discuss and of course cannot get through. What should be straight forward to do is far from it!

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