HMRC Money Laundering Regulations
Nov
HMRC Money Laundering Regulations are not actual regulations. However, HMRC are one of the supervisors of businesses with obligations under the Money Laundering Regulation 2017 (MLR). Certain sectors, such as estate agents and accountants, need to register with HMRCs anti money laundering scheme.
Your HMRC AML Responsibilities
Your responsibilities under money laundering supervision if you are supervised by HMRC are set out on their website. They include customer due diligence requirements, internal AML controls, audits and ongoing monitoring and record keeping. The first thing to do if you think you need to register with HMRC for anti money laundering supervision is to assess your business size, scope and type.
This includes identifying the number of customers you have (or will have) and the number and type of products and/or services you will be providing.
