New rules mean financial sanctions reporting obligations for the rental sector will apply to all letting agency work regardless of any rental agreement’s value.
Financial sanctions include restrictions on named people including freezing their financial assets and wider restrictions on investment and financial services. Financial sanctions apply to all persons of anyt nationality within the UK but also UK citizens, wherever they are in the world.
These new financial sanctions rules will kick off on 14 May 2025, after which letting agents will be subject to new reporting obligations as they will be added to the list of “relevant firms” under the financial sanctions regulations – which are seperate to the existing Anti Money Laundering rules. These are restricted to tenancies featuring rents of €10,000 or more a month..
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