Money Laundering supervision

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and to place certain controls that prevent businesses being used for money laundering by criminals and terrorists. 

Many businesses are monitored by the Financial Conduct Authority (FCA) or belong to a professional body such as the Law Society. However, businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for failing to do so. 

HMRC is responsible for supervising the following business sectors:

• Money Service Businesses not supervised by the FCA.
• High Value Dealers handling cash payments for goods totalling 10,000 euros or more on a single transaction or linked transactions.
• Trust or Company Service Providers not supervised by the FCA or a professional body.
• 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.
• Art market participants buying or selling of works of art where the transaction value (or a series of linked transactions) is 10,000 euros or more.
• Letting agency businesses renting property or land valued at the equivalent of 10,000 euros or more a month.

HMRC has recently published updated details of businesses that do not comply with the regulations.