With fair policies and the right documentation in place the risk of a tribunal is reduced significantly.
The anti-money laundering supervision fees are changing from 1 May 2019.
HMRC is introducing significant enhancements to its supervision and taking a more robust approach to tackling non-compliance with the Money Laundering Regulations. Key improvements include:
- increasing the number of staff available for more face to face and desk-based interventions with registered and unregistered businesses
- providing more educational products and activity, including webinars and online-learning. Helping registered businesses to get things right the first time
These enhancements come at a cost. HMRC’s anti-money laundering supervision fees are changing from 1 May 2019:
- the annual registration fee is increasing to £300 per premises for businesses with a turnover of £5,000 or above
- the annual registration fee is increasing to £180 for businesses with a turnover below £5,000
- the charge for fit and proper (F&P) testing is increasing to £150
- the approval check fee will remain at £40
All customers will pay the £300 premises fee when they renew. However, if their turnover is less than £5,000 they can apply for a reduction. Information on how to do this is on GOV.UK.
HMRC published a discussion document last year which invited comments on the fee structure. The summary of responses to this has been published on GOV.UK.