Money Laundering Regulations annual registration fee

We would like to tell you of a change to the annual registration fee for Money Service Businesses (MSBs) and High Value Dealers (HVDs).

The Money Laundering Regulations supervisory regime is run on a full cost recovery basis and the fees you pay cover the expense of running the operation. Our costs include registering new businesses, contacting and visiting traders, running an effective risk system, maintaining the register and producing guidance and information for you and other customers.

Introduced in 2002, the fee was initially set at £100, and was subsequently reduced to £60 from June 2003. There have been no increases since that time.

A change in the level of the fee is now necessary in order to provide us with sufficient income to cover our costs over the next year. The cost of registration from 1 June 2007 will be £95 per premises.

If you are a registered MSB or HVD, you do not need to do anything now. Your next fee renewal notice (MLR 113) will be sent to you as normal and will be based on the new fee level.

Unfortunately for customers due to renew on 1 June we have issued renewal notices incorrectly - see ‘What’s new’ announcement entitled 'Cancellation of fee renewal notice'. We have written to those customers affected to apologise and will be issuing correct renewal notices shortly.

For further information you can view our FAQs - Money Laundering Regulations.