Money Laundering Regulations - latest news
June 2008
26 June
Revisions to MLR 9 Guide to Registration
We would like to advise you of two changes to the MLR 9 Guide to Registration
related to:
- if you are considering registering as a High Value Dealer (HVD)
- if you are not sure whether you need to pay a registration fee where you do not operate from business premises
17 June
We would like to inform Trust or Company Service Providers and Accounting Service Providers of the latest position regarding updated registration guidance.
May 2008
6 May
Update for Trust or Company Service Providers
We would like to inform Trust or Company Service Providers of the latest position regarding updated registration guidance.
Update for Accountancy Service Providers
We would like to inform Accountancy Service Providers that registration guidance will be updated.
March 2008
28 March
Seminars Presentation is now available
Following our seminars to Trust or Company Service Providers (TCSPs) and
Accountancy Service Providers (ASPs) in February we have now made the presentation
(PDF 81K) and speaker notes available
for anyone who could not attend one of our events.
26 March
Important news for Trust or Company
Service Providers (TCSPs)
HMRC will allow businesses to apply to register as a TCSP without penalty
until 31 May 2008.
20 March
Financial Action Task Force (FATF) statement - 28 February 2008
Financial institutions in the UK should give special attention to business relations and transactions with persons, including companies and financial institutions, from jurisdictions that do not adequately apply the FATF Recommendations.
The FATF is an inter-governmental body that develops national and international policies to combat anti money laundering (AML) and the financing of terrorism (CFT). It has released a public statement (PDF 31K) on several countries highlighting their concerns over deficiencies in their AML/CFT legislation.
The countries are Iran, Pakistan, Uzbekistan, Turkmenistan, Sao Tome and
Principe, and the northern part of Cyprus.
More information on FATF can be viewed on their website.
If you deal with any of the countries listed you should take account of these concerns in your AML Risk Assessment (link to MLR 8 (PDF 677K), appendix 3).
17 March
Money Service Businesses (MSB)
Changes to the registration process.
14 March
To help Money Transmitters we have updated our guidance on our EU Payment Regulations 2007 and the Transfer of Funds Regulations page.
5 March
All existing Money Service Businesses (MSBs) should now have submitted their application forms to re-register under the MLRs 2007 along with their fit and proper test application forms and appropriate fees.February 2008
25 February
'MLR8 At a glance - a quick guide to the prevention of money laundering and terrorist financing' is now available in our Legislation and Guides section. This quick guide is intended to give relevant people in businesses a basic understanding of the legal requirements when dealing with customers.
18 February
Due to popular demand we have added an additional MLR Seminar in London for Accountancy Service Providers and Trust or Company Service Providers.
Date: Tuesday 19th February 2008
Location: Best Western Mostyn Hotel, 4 Bryanston Street, London, W1H 7BY
Time: 1.30 pm for a 2.00 pm start ending at 3.30
13 February
Registration fee announced for 2008-09
We have today announced the level of the annual fee paid by businesses registered with HMRC under the Money Laundering Regulations 2007.
The fee for 2008/09 will be £95 per premise. This is the same as the fee level for 2007/08.
Accountancy Service Providers (ASPs) - Introduction of a Register
HM Revenue & Customs (HMRC) have today announced the introduction of a register for ASPs from 1 April 2008 under the Money Laundering Regulations 2007.
Existing ASPs (who are not already supervised by one of the professional bodies listed in schedule 3 of the Regulations) will be required to be registered by 1 October 2008.
HMRC has set an administrative deadline of 1 July for the receipt of applications to enable the department to process applications before 1 October 2008 when the register will come into effect.
From 1 October all ASPs will be required to register before they start trading.
When applying to register and on each anniversary of their registration, ASPs will be required to pay a registration fee. This is currently set at £95 per premises. The level of the fee is reviewed annually.
We have provided guidance for registering with HMRC in our MLR 9 Guide to Registration (PDF 1.0MB). Forms and guidance on how to complete them are available to help businesses meet the 1 July administrative deadline.
For further information please see our ASP section.
January 2008
24 January
Money Service Business (MSB) Re-registration
MSBs must apply for re-registration and for their fit and proper test with HMRC by 1 February. By meeting the deadline businesses can continue to trade without incurring penalties.
If you are a MSB and have not yet applied to re-register you can download the forms you need and our Registration Guidance (PDF 204K) will give you further information.
We have also added on-line copies of:
- our MSB newsletters on our MSB page
13 January
MLR Trade Seminars
Seminars in February 2008 to help Trust or Company Service Providers and
Accountancy Service Providers implement the Money laundering Regulations
2007.
November 2007
- An additional London seminar for TCSPs and ASPs has been arranged for 29 November 1pm to 2.30 pm at Best Western Mostyn Hotel. To reserve a space please email your details to Money Laundering Regulations. Please include your business name, address, postcode and telephone number.
- Registration forms for the 2007 Money Laundering Regulations are now available
- The latest draft of our anti-money laundering guidance (MLR 8: Guide to the prevention of money laundering and terrorist financing) is now available (PDF 7.9MB)
- Updated MLR 9 including guidance on the liability of Trust or Company Service Providers and Accountancy Service Providers has been published by HMRC (PDF 1MB)
- New FAQs for HVDs, TCSPs and ASPs have been published
- A new Polish version of our popular leaflet for customers (MLR4) has been published (PDF 141K)
- We have issued a registration summary to help customers
October 2007
A series of seminars have been arranged to help businesses, supervised by HMRC, prepare for the Money Laundering Regulations 2007.
The seminars aimed at Money Service Businesses, High Value Dealers, Accountancy Service Providers, Trust or Company Service Providers will focus on
1. Registration – Money Laundering Regulations 2007
2. The Fit and Proper Test for Money Service Businesses and Trust or Company
Service Providers
3. The risk based approach to anti money laundering controls
To reserve a space please email your details to Money Laundering Regulations. Please include your business name, MLR registration number (if already registered with HMRC), address, postcode, telephone number and which meeting you wish to attend. Please also include details of your type of business - MSB, HVD, ASP or TCSP.
The seminars will be held at the following locations:
Date |
Location |
Time |
Venue |
|---|---|---|---|
01 November |
Manchester |
6.30pm – 8pm |
University of Manchester |
06 November |
Newcastle |
6.30pm – 8pm |
Thistle Newcastle |
08 November |
Birmingham |
6.30pm – 8pm |
Novotel Birmingham City |
13 November |
Bradford |
6.30pm – 8pm |
Novotel Bradford Hotel |
15 November |
Bristol |
6.30pm – 8pm |
Novotel Bristol Hotel |
21 November |
Belfast |
6.30pm – 8pm |
Best Western Wellington Park |
22 November |
Edinburgh |
6.30pm – 8pm |
Thistle Edinburgh |
26 November |
Southampton |
6.30pm – 8pm |
De Vere Grand Hotel |
28 November |
London |
Session 1 |
Best Western Mostyn Hotel |
28 November |
London |
Session 2 |
Best Western Mostyn Hotel |
29 November |
London |
9.30 – 11.00 |
Best Western Mostyn Hotel |
September 2007
July 2007
- Fit and proper test fee under Money Laundering Regulations 2007 announced.
- Government publishes the Money Laundering Regulations 2007
June 2007
April 2007
September 2007
New draft guidance on registering with HMRC has been released
On 7 September as part of our preparations for the Money Laundering Regulations 2007 we released the latest draft of our public notice MLR 9 – Registration. This notice, which will be effective from 15 December 2007, will help businesses understand if they need to register with HMRC, how to register and when to apply. It also gives details of the fit and proper test for Money Service Businesses and Trust or Company Service Providers.
We have also created two areas on this website for the two new business sectors to come under HMRC supervision:
You can find our MLR9 Registration guidance on our Legislation and Guides page. We will publish example registration forms on this website in the near future.
For further information on the new Regulations please see our Money Laundering Regulations 2007 pages.
August 2007
Tackling Money Laundering Suspicious Activity Reports: Prescribed Form and Manner - Home Office Consultation Document
The Home Office has announced a public consultation about the prescribed
form and manner of suspicious activity reports (SARs).
For more information please see Home
Office.
The closing date for responses is 22 October 2007.
July 2007
Fit and proper test fee under Money Laundering Regulations 2007 announced.
From 15 December 2007 Money Services Businesses (MSBs) and Trust or Company Service Providers (TCSPs) under HMRC supervision will be subject to a fit and proper test.
The fee for the fit and proper test will be £50 and will apply to each individual in a position of ownership and control in any MSB or TCSP business.
The fit and proper test will be conducted on individuals at the time a business applies to register as a TCSP or MSB. It is intended to disrupt criminal access to the these sectors and will play a key role in the Government’s anti-money laundering strategy.
The following timetable will apply:
- From 15 December 2007, all new money service businesses and trust or company service providers must apply to be registered and be subject to the fit and proper test before starting their business.
- All MSBs who are registered with HMRC under existing Money Laundering Regulations at 15 December 2007 will need to submit an application for re-registration under the new Regulations by 1 February 2008. This application will give us the information we need to carry out the fit and proper test.
- Trust or company service providers that are already in business on 15 December 2007 need to submit an application to be registered before 1 April 2008.
Draft application forms will be available on this site in the near future. We will be publishing more information on how to register with us in the run up to December.
You can find more information on our FAQs page.
June 2007
Money Laundering Regulations renewal fee
In April this year businesses due to renew their MLR registrations on 1 June 2007 were sent a notification showing an incorrect figure for the annual renewal fee. We wrote to all these businesses on 18 April advising them of the error and apologising for any inconvenience. We also confirmed that we would re issue the June notifications with the correct information.
We have now sent out all the amended renewal notifications for June showing the correct amount due from each business. As the correct notifications have been sent out later than we would wish, HMRC will extend the due date for payment until 14 June.
When you receive your notification, please send the correct payment to the address shown below. If you have already sent a payment which is lower than the amount now due please send the additional payment to the address below.
Please write your MLR registration number on the back of your cheque payment.
Once again please accept our apology for any inconvenience.
HM Revenue and Customs
Banking Group, 6th floor
Alexander House
21 Victoria Avenue
Southend on Sea
Essex
SS99 1AG
April 2007
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) taking place from 1 June 2007.
Important and urgent notice for MSBs and HVDs
Cancellation of fee renewal notice
Renewal of registration for Money Laundering Regulation
You may have recently received a letter from HMRC informing you that your annual registration under the Money Laundering Regulations is up for renewal and requesting payment of your annual fee.
We are sorry to say that the notices dated 5 April 2007 contain incorrect information. We are currently finalising our fee levels, and so the calculations shown on the letter you received were wrong. Unfortunately, an administrative error meant that these notices were sent out with the wrong information on them.
We are deeply sorry for any inconvenience that this may have caused you. If you have received one of these notices, please ignore it. We will be in touch very soon regarding the fee arrangements for 2007/08.
Once again, we would like to apologise for our mistake. This was an unfortunate administrative error on our part, and we will work hard to prevent this happening again.
