Art dealers and letting agents drive uptick in the number of businesses registering for AML supervision

Research has shown that art dealers, letting agents, and estate agents are currently driving an uptick in the number of UK businesses that are registering for anti-money laundering (AML) supervision with HMRC. 

According to the latest publicly available data, the total number of businesses signing up to HMRC’s AML register increased 0.9% from the financial year 2020-21 to 2021-22. This was driven by a significant increase in the number of letting agents and art dealers registering for AML supervision.

For context, the number of art sellers registering with HMRC has grown rapidly. The latest figures show an increase from 200 in 2020-21 to 916 in 2021-22. This is an increase of 358%. Similarly, the number of letting agents listing on the AML register rose by more than 190%, from 112 to 326.

Although the number of estate agents registering with HMRC also grew, this was by a more modest 3.7%, from 11,416 in 2020-21 to 11,843 in 2021-22. However, estate agents still account for more than 35% of all businesses on the HMRC register.

Since 2018, HMRC has required all high-risk businesses, including accountants, money transfer businesses, and solicitors’ firms to register themselves for AML supervision. Letting agents and art dealers were first required to list on the AML register in January 2020.

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