New Money Laundering Regulations became law on 26 June 2017
New Money Laundering Regulations became law on 26 June 2017. In short, the new regulations provide
- more clarity around risk assessment policies and procedures
- changes to how customer due diligence is carried out
- changes to how staff training is recorded
- improved record keeping
- new procedures for larger and more complex businesses.
Businesses covered by the regulations
The regulations apply to a number of different business sectors, including accountants, financial service businesses, estate agents and solicitors. 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.
If not, and your business falls into one of these 7 business sectors, you’ll need to register with HMRC:
- money service businesses not supervised by the FCA
- high value dealers
- trust or company service providers not supervised by the FCA
- accountancy service providers not supervised by a professional body
- estate agency businesses
- bill payment service providers not supervised by the FCA
- telecommunications, digital and IT payment service providers not supervised by the FCA
Full guidance can be found on HMRC website: https://www.gov.uk/topic/business-tax/money-laundering-regulations
What People Say
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