Upcoming introductions of sanctions
We hope this message finds you well. We are writing to inform you of important regulatory changes that may impact your responsibilities as a landlord.
Effective 14th May 2025, new sanctions are being introduced by the UK Government that may affect the way landlords and letting agents operate, particularly in relation to due diligence on tenants and financial transactions involving sanctioned individuals or entities.
What You Need to Know
- The new sanctions are part of a broader initiative aimed at strengthening compliance and national security.
- Landlords are now required to ensure they are not entering into tenancy agreements with individuals or entities subject to financial or immigration sanctions.
- Letting income derived from sanctioned individuals may be frozen, and continued tenancy may lead to enforcement actions.
- Due diligence and tenant referencing procedures should be reviewed immediately to ensure compliance with these new obligations.
What We’re Doing
As your letting agent, we are already:
- Reviewing and updating our tenant screening and referencing processes.
- Incorporating government-sanction checks as a standard part of our vetting procedures.
- Ensuring our team is trained and equipped to manage compliance on your behalf.
What You Should Do
While we are handling compliance on your behalf, we encourage you to:
- Avoid entering into private agreements without verifying the tenant’s sanction status.
- Contact us immediately if you are unsure about any existing or potential tenancies.
Need Help?
If you have any questions or concerns about how these changes may affect your properties or tenants, please don’t hesitate to reach out. We're here to support you through these changes and ensure full compliance on your behalf.
