Anti-Money Laundering Updates

And base celebrate 21 years of working hard for London owners and residents

Author

Tristan Gage
June 04, 2025

🗓️ What’s been happening in May?

In this edition, we break down what landlords and agents need to know about the latest anti-money laundering changes, and recap the key Renters Reform Bill updates as it edges through the House of Lords. We're also taking a moment to mark 21 years of base property specialists (time flies!) - and we’ve rounded things off with a look at why SXSW landing in Shoreditch really wasn’t a surprise to us.

As usual, quick reads, useful updates, and a bit of local love.

Features in this edition:

⚖️ New AML Rules for Letting Agents and Landlords

From May 2025, new Anti-Money Laundering (AML) rules have come into force that affect all UK letting agents and landlords. The most notable change is the removal of the €10,000 (approximately £8450) per month rent threshold - meaning all tenancies now fall under AML scrutiny, regardless of the rent amount.

Letting agents are now legally required to run financial sanctions checks on landlords, tenants, and guarantors before any agreements are made or money changes hands. If any party is found to be on the UK’s sanctions list, this must be reported to the Office of Financial Sanctions Implementation (OFSI) immediately.

Enhanced due diligence is now a must for high-risk situations, such as working with overseas landlords or politically exposed persons. Agents must also retain detailed records of all checks and verifications for at least five years.

For landlords - especially those managing properties themselves - these changes mean more paperwork and stricter ID and background checks when taking on new tenants. Delays in letting processes may occur as agents comply with their new legal duties.

Failing to comply can lead to fines, criminal charges, and reputational damage, so it’s vital for anyone involved in the rental market to get familiar with the updated obligations.

If you’d like help understanding how these changes affect your properties, feel free to get in touch.

📜 Latest on the Renters’ Rights Bill

Following the committee stage, as the Bill moves through the House of Lords, there have been minimal changes to the proposed legislation. Some key elements to note:

  • Government stands firm on scrapping fixed term tenancies
    Despite widespread concern, Baroness Taylor confirmed there will be no return to fixed term agreements. All tenancies will become periodic by law, with no flexibility for landlords to offer fixed terms - even in the student sector.

  • Key Section 8 eviction grounds remain mandatory
    The government has rejected calls (including from Shelter) to make all possession grounds discretionary. Critical cases like 3+ months of rent arrears or serious criminal offences will still allow landlords to regain possession with more certainty.

  • Rent in advance provisions won’t prevent referencing or guarantor use
    While peers raised concerns about limiting rent in advance, the government clarified landlords can still run affordability checks and request a guarantor - or suggest rent guarantor insurance - as part of pre-tenancy vetting.

  • Landlords cannot revoke pet permission once given
    Once consent is granted for a tenant to have a pet, it cannot be withdrawn. However, landlords will be able to act on anti-social behaviour linked to pets under existing possession grounds, or through local authority intervention.

🎂 From Start-Up to Grown-Up: 21 Years of base

Kris & An talk 21 years of base on the latest Viking Chats episode.

From two laptops and a three-month runway to national awards and decades-long client journeys, base has officially hit adulthood. To mark the milestone, our co-founders Kristjan and An sat down for a podcast-style chat about how it all started, what’s changed (and what hasn’t), and where we’re heading next.

We can’t believe it’s already been a whole year since our epic 20th baseversary party in Shoreditch - shoutout to all of you who were there that night to support and celebrate!

🎤 SXSW London : Why Shoreditch Was The Perfect Choice For South-By-Southwest’s Inaugural London Conference

One of the world’s biggest festivals - SXSW - has touched down in East London for the first time ever. But it didn’t land in the West End, Soho, or Canary Wharf. It came to Shoreditch.

In our latest blog, we explore why this matters, what it says about Shoreditch’s global rise, and how the creative energy of our neighbourhood made it the perfect match.

Whether you’re local, curious, or just want to know what SXSW actually is, this one’s worth a read.

In other news…

🔵 Hot Picks from May

🏡 New Instruction: Glengall House, SE15 - https://tour.giraffe360.com/glengall-house-bird-in-bush-road-se15/
💬 Feedback that made us feel all glowy: “Thank you for the many years of exceptional service  - you and Kristjan have created something amazing. I will always support you guys. Yes I still remember when we first met - you know what they say, people do business with people they know, like and trust! I wish you many more succesful years.”
🎉 Birthday fun: A fun compilation video of what we’ve been up to over the past year! - https://www.instagram.com/basepropertyspecialists/reel/DKCtJKOBZcF/

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