Agencies are failing to check if tenants are sanctioned
Original Article Summary
Estate agents are routinely failing to check whether tenants are on the UK’s national financial sanctions list. A poll from Goodlord found that 28% of agencies with more than 11 staff are failing to perform Politically Exposed Person (PEPs) and sanctions checks, despite new rules having come into force almost six months ago. Agencies are […] The post Agencies are failing to check if tenants are sanctioned appeared first on PropertyWire.
PropMatch Curated Analysis
28% of larger estate agencies are failing to conduct mandatory PEPs and sanctions checks on tenants, risking fines of £10,000-£20,000, while smaller agencies show 85% compliance rates.
Investor Relevance
Property investors need compliant letting agents to avoid regulatory risk and should verify their agents' compliance processes. This also reveals market opportunities where compliant investors may face less competition from non-compliant operators.
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