Currently, agents are required to perform AML checks for properties with monthly rents exceeding £8,300, which amounts to just 2.5% of the market, but from May 14th onwards, all transactions must be checked.
And these checks include FCC Paragon's MD Bekki Leaves (pictured) being more stringent, requiring the identity of the landlord and tenant to be verified, and preventing tenants from appearing on the UK financial sanctions list. 
It will increase significantly
She fears a significant increase in agent workload and increased complexity will lead to more fines.
Latest government figures show that even before the change, agents were fined £3 million for just 12 months for a total of 468 AML violations, with an average fine of just over £4,000.
Fines can be climbed, at least initially, as agents struggle to grasp a significant increase in resources they need. ”
Leaves said: “There is no doubt that illegal practices are not improving the property by asking for rents above 10,000 euros, so greater protections at all levels of the market should help crack down on criminal activity.
“However, AML fines can climb at least initially, as AML fines will struggle to grasp the significant increase in resources needed to comply with AML.”
She advises. “It's about assessing your pay and monitoring process while establishing a clear reporting channel, and it's important for them to take a proactive approach if they want to avoid the best place to start.”
