HAMMAD BAIG

MONEY LAUNDERING REGULATIONS

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The regulations apply to a number of different business sectors, including accountants, financial service businesses, estate agents and solicitors.

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Every business covered by the regulations must be monitored by a supervisory authority. Your business may already be supervised, for example, because you’re authorised by the Financial Conduct Authority (FCA) or belong to a professional body like the Law Society.

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If not, and your business falls into one of 7 business sectors, you’ll need to register with HMRC.

 

HMRC is the supervisory authority for:

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• money service businesses not supervised by the Financial Conduct Authority (FCA)

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• high value dealers

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• trust or company service providers not supervised by the FCA or a professional body

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• accountancy service providers not supervised by a professional body

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• estate agency businesses

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• bill payment service providers not supervised by the FCA

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• telecommunications, digital and IT payment service providers not supervised by the FCA

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You need to register with HMRC if you carry out activities typically associated with these types of organisations by way of business and you are not already registered.

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You may have to pay a penalty or face prosecution if you:

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• carry on your business without registering first

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• continue to carry on your business after you have deregistered or after HMRC has cancelled your registration.