Office of Fair Trading publish policy on penalties for non-registration for Property Professionals.

If you are a property professional it is imperative that you read this article and implement the changes if you have not done so already. The OFT has recently published an interim policy on financial penalties for not registering with them.
Estate agents and certain credit lenders have an obligation to comply with statutory obligations under the Money Laundering Regulations 2007, which includes registration with the OFT.

Where businesses choose to ignore OFT warnings and do not register, the OFT will impose civil financial penalties. The OFT says that it is vital that they continue to identify those who should register, so that the OFT can supervise them effectively and reduce the risk of money laundering and terrorist financing in these sectors. This re-emphasises the concerns that the UK Government has in respect of money-laundering and financing of terrorism through the use of the UK property market.
The Interim Policy is far less stringent in respect of penalties given that it is now purely a financial remedy rather than the previous draconian imprisonment but this should not be a reason to avoid registration with fines in excess of £2000 likely depending on the number of offices.

A copy of the policy can be found on the OFT's website:

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