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Money Laundering Registration

Money Laundering Registration

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;

  • High Value Dealers
  • Trust or Company Service Providers
  • Accountancy Service Providers
  • Money Service Companies
  • Estate Agents

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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;

  • Completing a risk assessment to identify ways in which your business could be used for money laundering
  • Verifying the identity of your customers. When you have accepted the clients instructions you should request a copy of photographic ID which should be kept on file for money laundering purposes
  • Monitoring customer business activities
  • Implementing relevant management control systems
  • Retaining financial transaction information
  • Training employees on money laundering regulations

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.