Money laundering regulations
New penalties for certain businesses that fail to register with HMRC under the Money Laundering Regulations (MLR) have been introduced from 1 April 2010. HMRC is responsible for supervising the following four business types if they are not already supervised by a registered professional body:
- 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. HMRC 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.