New Anti-Money Laundering (AML) and Financial Sanctions Regulations (FSR) are being introduced for letting agents from the 14th May 2025
The regulations significantly expand compliance obligations and aim to enhance oversight and reduce risks associated with financial crime.
From May 2025 letting agents must comply with financial sanctions regulations. Key requirements include:
•Reporting to the Office of Financial Sanctions Implementation (OFSI) if you know or suspect that a person or entity is a “designated person” under financial sanctions;
•Reporting any funds or economic resources held or managed for such persons;
•Ensuring reports are made “as soon as practicable.”
Unlike previous AML rules, the €10,000 monthly rent threshold no longer applies for these reporting obligations. This means all letting agency work is covered, regardless of rental value.
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