HMRC Website update: Money Laundering Regulations
HMRC have added new pages to their website to provide a more thorough overview of money laundering regulations.
The updated pages include an introduction to the money laundering regulations and explain which businesses are affected by the regulations. Guidance is then provided as to how affected businesses can register with HMRC.
Also covered on the new pages are details of how to assess the risk of money laundering when dealing with issues such as new customers, businesses with complicated ownership structure and customers carrying out large one-off transactions.
A useful guide detailing how to report a suspicious transaction or activity is also included. This guide also explains the advantages of making a Suspicious Activity Report online to the Serious and Organised Crime Agency (SOCA)
This update is part of a rolling program by HMRC to update website content.