Money laundering is the process of hiding or obscuring the fact that money was obtained through illegal activity. This means making money that has come from things like drug trafficking or extortion look as though it was made by some legal business, like a restaurant.
Many businesses are monitored by the Financial Conduct Authority (FCA) or belong to professional bodies like the Law Society, which are meant to look out for money laundering. However, some sectors are supervised by HMRC, and businesses in those sectors must register with HMRC to avoid penalties.
Our CIMA-registered accountants can help you with this process. Contact us here for a free quote.
Does my business have to register for money laundering supervision?
You must register for HMRC money laundering supervision if you run the following kinds of business:
- Money Service Businesses not supervised by the FCA
- High Value Dealers
- 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
- Letting agency businesses