Welcome to my regular column for Property Investor News, where I share insights, legal updates and practical advice for landlords, investors and agents navigating the ever-changing property landscape. Each month, I highlight key developments affecting our sector — helping you stay one step ahead, protect your investments, and ensure compliance with the latest regulations.

This month, I’m covering a significant piece of new legislation that came into effect on 14 May 2025 — and it’s something every letting agent and landlord needs to be aware of, particularly if you’re involved in tenant selection, onboarding, or managing properties yourself.

Letting agents now included in UK financial sanctions reporting – what you need to know
On 14 May 2025, a new legal obligation came into force for letting agents in the UK, placing them under the same financial sanctions reporting duties as banks, lawyers and accountants.

The change has been introduced by the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury. It’s designed to help prevent designated individuals — people or organisations subject to UK financial sanctions — from using the private rented sector to store, move or benefit from UK assets.

While the legal duty now falls directly on letting agents, this new rule also has serious implications for landlords — whether you use an agent or manage your properties yourself.

What are financial sanctions?
Financial sanctions are restrictions placed on individuals, companies, or entire nations to protect national security and uphold international law. These restrictions can include freezing bank accounts, banning business transactions, or preventing people from accessing rental property in the UK.