If your business is registered with HM Revenue & Customs (HMRC) under the Money Laundering Regulations (MLR), you'll need to tell them about any changes or inaccuracies in your registration details.
This guide tells you what changes in your business details you need to report, and how and when you should do so.
It also explains what to do if you want to cancel your registration.
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If the details that you included in your application to register under the Money Laundering Regulations change - or you discover that they're incorrect - you'll need to notify HMRC. You must tell HMRC about changes:
You should also tell HMRC about:
If your business activities change so that you no longer need to be registered under the Money Laundering Regulations you should notify HMRC that you want to cancel your registration. They will de-register your business.
You should report any changes in your registration details to HMRC within 30 days of a change taking place. If you're reporting something that is incorrect in your details you should do this within 30 days of discovering the mistake.
You should complete a 'reporting changes' form MLR RCT1, which has been designed for you to download, save on your computer and fill in on screen. When you have finished you will need to print sign and date the form before sending it to the MLR Registration Team. Alternatively you can write a letter giving details of your MLR registration number and of the changes.
If you want to cancel your registration and be removed from the register, you should also send a letter to the MLR Registration Team. Include your MLR registration number and the date when you want your registration to be cancelled. This is the date from which you will no longer carry on business activities covered by the Money Laundering Regulations.
Note that you cannot transfer a registration from one legal entity to another. If there is a change, for example, if the ownership of the business changes hands, the new owner has to register with HMRC and the previous owner has to cancel their registration.
If the new legal entity is made up of the exact same people as the previous one, a further registration fee will not be charged.
Send your form or letter to the MLR Registration Team in Southend. The address is:
MLR Registration Team
HM Revenue & Customs
7th Floor Central
21 Victoria Avenue
Unless the MLR Registration Team has specifically agreed that you can take longer, you may have to pay a penalty if you don't tell HMRC about changes within 30 days.
Get in touch with the MLR Registration Team if you need more than 30 days to notify HMRC of any changes. They will agree a longer period with you. You can contact the MLR Registration Team on Tel 01702 366 312.
You can find out more about penalties for non-compliance with the Money Laundering Regulations by following the link below.