OFSI publishes financial sanctions guidance for letting agents

The Office of Financial Sanctions Implementation (OFSI) has published guidance on financial sanctions aimed at letting agents.

The publication comes after letting agents have been added to the list of “relevant firms” that are subject to reporting obligations under financial sanctions regulations. The change takes effect from 14 May 2025 in respect of letting agents, high value dealers, art market participants and insolvency practitioners.

The guidance covers:

• Reporting obligations of letting agents;
• The lack of monetary threshold:
  • The reporting obligations will apply in relation to any letting agency work regardless of the value of any rental agreement, in contrast to the definition used by the MLRs, under which letting agency work relates to lets with a rent of €10,000 or more;
• Instructions from prospective landlords or tenants, and when the reporting obligation will be triggered; and
• Work that does not fall under the definition of “letting agency work”.