HMRC is cracking down on businesses that breach the government’s Money Laundering Regulations (MLR), with inspections and the severity of penalties issued rising dramatically.

To adhere to the law and satisfy the Regulator, every business under the MLR is at a minimum legally required to:

  • Register with HMRC
  • Establish an Independent Audit Function – to examine its compliance with the legislation (Regulation 21)
  • Conduct effective Customer Due Diligence
  • Have a firm-wide AML Policies and Procedures in place (Regulation 19-21)
  • Have a firm-wide AML Policies and Procedures in place (Regulation 19-21)
  • Have a firm-wide AML Risk Assessment in place (Regulation 18)
  • All relevant employees must attend and keep up to date with AML training (Regulation 24)
  • Keep accurate AML records of such matters as training content and attendees, CDD, suspicious activity, etc
  • Appoint a qualified, independent, adequately supported Nominated Office / Money Laundering Reporting Officer
  • Agents must adhere to the latest HMRC guidance regarding trusts involved in the acquisition of UK land or property since 6 October 2020.
Find out more and get advice with FCS Compliance

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