Anti money laundering fees go up

bundles of cash

HRMC is increasing its anti money laundering supervision fees from 1 May 2019.

The annual registration fee rises to £300 per premises for businesses with a turnover of £5,000 or above and to £180 for businesses with a turnover below £5,000. The charge for fit and proper testing increases to £150, although the approval check fee will remain at £40.

All customers will pay the £300 premises fee when they renew. However, if their turnover is less than £5,000 they can apply for a reduction. Information on how to do this can be found on gov.uk.

HMRC said the increase would finance significant enhancements to its supervision as it takes a more robust approach to tackling non-compliance with the Money Laundering Regulations.

Key improvements include:

  • Increasing the number of staff available for more face-to-face and desk-based interventions with registered and unregistered businesses
  • Providing more educational products and activity, including webinars and online-learning, in a bid to help registered businesses get things right first time.

The enhancements follow the recent Financial Action Task Force mutual evaluation of the UK which recommended a harder-edged approach to anti money laundering supervision in Britain and increased coverage of regulated businesses.

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This website contains images and information relating to tobacco products. Please do not view if you are under 18 years of age.

This publication contains images and information relating to tobacco products. Please do not view if you are under the age of 18 years old.