Money Laundering – annual registration fee
HMRC have confirmed that the annual registration fee for businesses registered under the Money Laundering Regulations 2007 will remain at £110 until 31 May 2012. The fee was reduced from £120 to £110 in December 2010.
The Money Laundering Regulations are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists.
Many businesses are monitored by the Financial Services Authority or certain professional bodies. However, businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for not doing so.
HMRC is responsible for supervising the following four business types:
- Money Service Businesses (MSB’s)
- High Value Dealers (HVD’s)
- Trust or Company Service Providers (TCSP’s)
- Accountancy Service Providers (ASP’s)
The late registration penalty is based on a fixed penalty and any unpaid fees. HRMC may levy a reduced penalty on businesses who notify HMRC that they should have been registered. In addition TCSP’s and ASP’s who have not registered can be liable to prosecution.