Companies that register with HMRC for money laundering supervision will see charges upped from 1 May 2019.
HMRC says that, from this date, businesses will have to pay an application charge of £100, a registration fee of £300 for each premises included in the application (up from £130), £150 for each person covered by a fit and proper test (up from £100) and, for some firms, such as estate agencies, an approval process fee of £40 per head.
The annual renewal fee, meanwhile, will increase from £130 to £300 for each premises.
Businesses with less than £5,000 of annual turnover qualify for a small business reduction.
NAEA Propertymark chief executive Mark Hayward comments: “While we welcome the increased resources from HMRC to tackle the issues around anti-money laundering, we are somewhat surprised at the significant uplift in fees in the region of 250 per cent, particularly at a time when the industry is beleaguered by additional legislation.
“However, we look forward to seeing more enforcement activity as a result of the increase.”
Brokers have recently been warned to be on their guard against money laundering as the government launches a clampdown on the property industry.