HMRC’s anti-money laundering unit has written to ‘stakeholders’ telling them that there will be significant changes ahead.

The letter, about developments in anti-money laundering supervision, has been sent to trade bodies and trade press operating in in certain business arenas.

These include estate agents and also high value dealers which accept cash payments of £15,000 either in a single transaction or in a series of linked transactions.

The letter says that over the next few years there will be “important changes” in anti-money laundering supervision.

It says that “some of the most significant will happen this year and are starting to roll out now”.

It wants to enlist the help of trade bodies and press in publicising these.

The immediate changes include:

• Getting rid of paper application forms and introducing a new digital registration process
• Making changes to penalties – these are not specified in the letter
• Being more robust and proactive with business that should be registered but are not
• Giving wider and more public access to information about businesses on the register

These changes are ahead of the introduction of the 4^th Money Laundering Directive in 2017.

Estate agents, not letting agents, are specifically required to be registered with HMO for anti-money laundering purposes.

High value dealers that are also supervised by HMRC’s anti-money laundering unit include auction houses. However, with the definition of £15,000 cash deals and upwards, ‘high value dealers’ could include letting agents.