Estate agent and letting agents are among those pushing up the number of UK businesses registering for anti-money laundering (AML) supervision with HMRC.

The total number of businesses signing up to HMRC’s AML register increased by 0.9% from the financial year 2020-21 to 2021-22, analysis of public available data by AML verification firm Credas Technologies has revealed.

The uptick was driven by a sharp rise in the volume of letting agents and art dealers registering, after HMRC first required them to list on the AML register in January 2020.

The number of art sellers registering with HMRC increased 358%, from 200 in 2020-21 to 916 in 2021-22, while the number of letting agents listing on the AML register also jumped by 191.1%, from 112 to 326, the analysis revealed.

HMRC has required high-risk businesses, such as accountants, money transfer businesses, and solicitors’ firms to register themselves for AML supervision since 2018.

The number of estate agents registering with HMRC for AML supervision also increased 3.7 per cent, from 11,416 in 2020-21 to 11,843 in 2021-22. Estate agents account for 38.4% of all businesses on the HMRC register – behind only the accountancy sector (46%).

Tim Barnett, CEO of Credas Technologies, said: “Once again, it is estate agents that are proving to be the most proactive professionals when it comes to tightening the net against money laundering within UK business. The UK property market has long been a common target for money laundering and for far too long it’s been easy for them to exploit the property purchasing process in order to wash their ill-gotten gains.

“Every new estate agency business that registers for supervision is making it that bit harder for these criminals to succeed in their illegal endeavours and that is fantastic news for everyone… except the criminals, of course.”