August 18, 2020

HMRC fines UK real estate company for anti-money laundering failures

The UK tax authority, HM Revenue & Customs, has fined Purplebricks Group plc, an online real estate company operating throughout the UK and in Canada, £266,793 (approximately $353,332) for failure to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.  The money laundering regulations require businesses to put processes and procedures in place to prevent the use of their services to facilitate money laundering or terrorist financing.  According to HMRC, Purplebricks failed to have the correct policies, controls and procedures, did not conduct adequate due diligence, and failed to conduct timely verification, thereby violating Regulations 19(1), 27(1), 28(2)(4), 30(2) NS 35(1).  The fine may not be appealed.

HMRC penalties listing