Dáil Éireann Debate, Thursday - 27 November 2025
345. Deputy Ken O'Flynn asked the Minister for Housing, Local Government and Heritage the number of inspections, audits, or enforcement actions carried out by the Property Services Regulatory Authority in the past five years where estate agents failed to complete anti-money-laundering checks during property sales; and the outcome of each action. [67074/25]
Amharc ar fhreagra346. Deputy Ken O'Flynn asked the Minister for Housing, Local Government and Heritage the procedures his Department requires the Property Services Regulatory Authority to follow when an estate agent completes a property sale without verifying the identity and address of the client as required under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010; and the timeline for each step in this process. [67075/25]
Amharc ar fhreagra347. Deputy Ken O'Flynn asked the Minister for Housing, Local Government and Heritage the steps he will take to strengthen oversight of estate agents who handle property sales, in light of recent reports of a sale completed without the required anti-money-laundering documentation; and the measures he plans to introduce to protect the integrity of the property market. [67076/25]
Amharc ar fhreagraI propose to take Questions Nos. 345 to 347, inclusive, together.
The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, identifies Property Services Providers (PSPs) as "Designated Persons". This means that PSPs are among a number of professions who may be exposed to money laundering due to the nature of their business. PSPs must therefore have the appropriate training and procedures in place to identify and report money laundering they become aware of during the course of their business. Customer Due Diligence and Client Risk Assessments must also be carried out by PSPs on:
All clients with whom they have a property services contract. This should be carried out before signing the contract/commencing the business relationship;
Customers with whom they do not have a contracted business relationship but with whom they are carrying out an occasional transaction or series of occasional transactions which have a value greater than or equal to €15,000 (e.g. a purchaser paying a booking deposit);
Tenants of properties they are letting where the monthly rent is greater than or equal to €10,000.
Where money laundering is suspected, PSPs must always carry out CDD regardless of the type of service or the transaction amounts involved.
As competent authority, the Property Services Regulatory Authority (PSRA) is tasked with monitoring PSPs for compliance with Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. PSRA-appointed inspectors carry out Anti-Money Laundering (AML) compliance audits on licensed businesses, and each business is audited at least once every five years. The PSRA regulates approximately 1,800 businesses which are subject to AML audit. During the audit, a sample of files are selected for review, and if AML checks are not completed on a client or a purchaser where a transaction of €15,000 or greater occurs, the PSP is advised of its obligations by the Inspector.
Following the audit, the PSRA provides a Draft Report to the PSP that outlines the requirements necessary in order for the PSP to be compliant. The PSP has 30 days to respond to the Draft Report. The requirements may include the submission of documents and/or an undertaking that AML checks will be completed going forward. If no response is received on the Draft Report, a reminder is issued to the PSP, and they have 14 days to respond to the reminder. If a response remains outstanding, emails and/or phone calls follow, and the PSP is informed that a direction may issue should they not respond/provide the required documents. If no response is received, a direction is issued requiring the licensee to respond/provide the documents within 7 days.
Over the past five years (see table), the PSRA carried out 1,761 AML audits on licensed businesses. Over that period, three businesses were found to be non-compliant with AML statutory requirements relating to risk assessment and due diligence, following which directions were issued by the PSRA to these businesses. Where non-compliance is found, the PSRA undertakes a further audit to affirm compliance.
Of the three directions issued, one business ceased to provide property services, one business was audited within 12 months of receipt of the direction and found to be compliant, and concerning the final business, matters relating to the non-compliance found during audit remain ongoing.
|
Year |
Total AML Audits Carried Out |
|
2021 |
449 |
|
*2022 |
294 |
|
*2023 |
270 |
|
2024 |
406 |
|
2025 to date |
342 |
|
Total (2021 - 2025) |
1761 |
*Covid Years
The PSRA also provides guidance to PSPs on developing and implementing AML policies and procedures. Anti-Money Laundering is a compulsory module on the PSRA’s annual CPD programme for licensees.
The Department of Justice, Home Affairs and Migration is currently working on the implementation of the 6th Anti-Money Laundering Directive which may afford the PSRA greater powers in terms of sanctioning PSPs who are found not to be in compliance with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.
