Under the Money Laundering Regulations, certain businesses need to register with HMRC and these businesses will have to complete and submit form MLR100. Since the 1st April 2015, all firms registering under these Regulations have had to pay an application fee of £100 in addition to the premises fee.
The Money Laundering Regulations will apply to a number of different businesses, including many financial and credit based businesses as well as solicitors, accountants and estate agents. If your business falls into one of these categories it must be overseen by a supervising authority.
Typical authorities include the Law Society or the Financial Services Authority. HMRC supervises;
It is the responsibility of business owners to put in place controls to safeguard your business from being used for money laundering. This will include;
In each of the businesses outlined above you need to assign a nominated officer who will monitor the controls that you have put in place. If you are not sure about how to fill out the form MLR100 it is advised that you seek advice from an experienced professional who understands tax and finance. The Accountancy Network can help you find the right accountant to help you effectively manage your money laundering registration.