Money laundering supervision payment deferrals and deregistration announced by HM Revenue & Customs

News Article

Businesses that require money laundering supervision from HM Revenue & Customs (HMRC) can receive a six-month payment deferral or deregistration where an annual fee is due between 1 May and 30 September 2020, it has been announced.

HMRC is the money laundering supervisory authority for:

  • money service businesses not supervised by the Financial Conduct Authority (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.

Businesses in these sectors must pay an annual renewal fee of £300 in respect of each premises covered.

However, on receipt of the reminder notification from HMRC they can now choose either to pay in the normal way or to pay at any time in the following six months.

Businesses that have closed and stopped all activity subject to the Money Laundering Regulations owing to the Coronavirus crisis can opt to deregister for supervision and reregister when they resume. However, Money Service Businesses, Trusts and Company Service Providers cannot trade until the reregistration process is complete.

Contact us today for legal advice relating to the Money Laundering Regulations.

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