MLR1PP13100 - Penalties Guidance: Glossary: G to P

Gross Profit

Turnover less direct costs.

HMRC

Her Majesties Revenue and Customs.

HVD

High Value Dealer.

Intervention

A written, telephone or face to face enquiry by Compliance Officers.

ML

Money Laundering.

MLR IU

Money Laundering Regulations Intelligence Unit

MLR 2007

Money Laundering Regulations 2007.

Money Laundering (MLFT)

Money laundering and terrorist financing.

MSB

Money Service Business.

Officers

Officers of HMRC.

Parallel Breach

A breach of both the 2003 and 2007 Regulations.

Payments Regulation

European Regulations for Money Transmitters.

The UK Transfer of Funds (Information on the payer) Regulations 2007 empower us to issue penalties or prosecute for breaches of the Payments Regulation.

Penalty Notice

A letter notifying a business or relevant individual within a business about a penalty.

PY

Previous year.