The online estate agency Purplebricks has been fined more than £260,000 for breaching laws on money laundering.
HM Revenue & Customs said that it had been guilty of “failures in having the correct policies, controls, and procedures, conducting due diligence and timing of verification”. It cannot appeal.
Under 2017 money-laundering rules estate agencies and buying agencies are responsible for carrying out checks on the financial background of their clients to stop money being laundered through the buying and selling of property. HMRC carries out spot checks.
The original full article can be found at thetimes.co.uk.
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