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Money Laundering Regulations

Source: HM Revenue & Customs | | 29/03/2017

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists.

Many businesses are monitored by the Financial Services Authority or certain professional bodies. However, businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for not doing so.

HMRC is responsible for supervising the following five business types:

  • Money Service Businesses (MSBs)
  • High Value Dealers (HVDs)
  • Trust or Company Service Providers (TCSPs)
  • Accountancy Service Providers (ASPs)
  • Estate Agency Businesses (EABs)

The online service for registration and renewals is currently unavailable. HMRC expects the service to be available again from 3 April. This means that those planning to renew won’t be able to do so before 1 April. HMRC has confirmed that as long as the renewal is completed before the end of April 2017 no penalties will be charged for late renewal.

 

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