New businesses

I am a new business, what do I need to do?

If you are setting up a new business you will need to consider whether your business is covered by the Money Laundering Regulations 2007, and needs to be registered with HM Revenue & Customs (HMRC).

Whilst you will need to check our MLR 9 Registration Notice (PDF 1MB) to establish if you need to register with us, we have provided some examples of the types of business that fall in to the sectors we supervise. We have also provided some flowcharts to help you too.

From 15 December 2007:

For new Money Service Businesses and Trust or Company Service Providers

Before you start to trade you will need to be registered with HMRC. Any person who runs or owns the business, and any nominated officer or money laundering reporting officer must pass the fit and proper test before the businesses can be registered.

You will need to:

  • send us form MLR 100 to register your business with the appropriate fee
  • complete and submit application form MLR 101 for anyone subject to the fit and proper test along with the appropriate fees.

We will require up to 45 days to process your application and inform you of our decision whether to register your business. If you receive a registration certificate you may start to trade although you will also need to ensure that you have your anti money laundering controls in place.

If we do not register your business you will be unable to trade. If you disagree with our decision you may ask in writing for a review of that decision.

There is also an appeal process if you are not satisfied with the outcome of a review.

Full details of how to register can be found in:

For New High Value Dealers

If you are setting up in business as a new HVD you will need to apply to register as soon as you make a decision that you would be prepared to accept cash payments as described in paragraph 5.1.1 of our MLR 9 Registration Notice (PDF 1MB).

You must not accept such a cash payment if you are not registered. You will need to send us form MLR 100 to register your business with the appropriate fee.

We will require up to 45 days to process your application and inform you of our decision whether to register your business. If you receive a registration certificate you may start to accept the cash payments equivalent to €15,000 or more. You will also need to ensure that you have your anti money laundering controls in place. For an indication of the £ sterling equivalent of 15,000 euros we recommend you check our Rates of Exchange for Customs and Vat purposes and divide 15,000 by the Euro figure stated.

If you do not register your business you will be unable to accept cash payments as described in paragraph 5.1.1 of our MLR 9 Registration Notice (PDF 1MB).

Full details of how to register can be found in MLR 9 Registration Notice (PDF 1MB).

For new Accountancy Service Providers (ASPs)

You will need to register with HMRC if your business is not supervised by a designated professional body (such as the Institute of Chartered Accountants of England and Wales or the Institute of Certified Bookkeepers). You can find a list of supervisory authorities including professional bodies in our MLR 9 Registration Notice (PDF 1MB), Appendix 1.

Businesses that apply to register are subject to a registration fee. The charge is linked to the number of premises through which the business operates and is renewable annually. Applicants must send a cheque with their application form, payable to HMRC for £95 X (multiplied by) the number of premises through which they operate. They will receive an acknowledgement when their application has been received and a registration certificate once their application has been successfully processed.

Failing to register with HMRC

It is important that you register with us. We may impose penalties in respect of registration for failure to register relevant business. This includes the following:

  • acting as a MSB, HVD, TCSP or ASP without first being registered
  • continuing to act as a MSB, HVD, TCSP or ASP after deregistering or having your registration cancelled

Further help

We hope you have found this beginner’s guide helpful, here are a few links you will find useful.