Money
Laundering Regulations - new guidance for Money Service Businesses
HM Revenue & Customs (HMRC) has written some new guidance to go in the Anti money laundering
guide for Money Service Businesses (MSBs) that was published in July
2010.
HMRC will write to all registered MSBs at the end of June 2012 to give them a
summary of the new guidance. When you get the summary, you should review
your anti money laundering policies and procedures immediately and
put the changes in place.
The extra guidance explains:
- when to check where funds have come from in one-off
transactions under €15,000
- due diligence measures where your customer is another MSB
- whether to apply enhanced due diligence to countries next to
high risk regions
- whether to check the person who receives third party payments
- what action is required on money transmissions into the UK
from overseas
- what to do if your registration with the Financial Services
Authority does not match your registration with HMRC
The Anti money laundering guide for MSBs will be updated
to include the guidance when:
- the revised Money Laundering Regulations are in
place in autumn/winter this year
- the revised guidance has received HM Treasury approval
If you require further information, please contact the
HMRC VAT Helpline.
Contact details for HMRC VAT Helpline
