Written on 17/07/2023

In the six months to 31 December 2022, HMRC issued fines of £3.2 million to 419 businesses for failures to follow the Anti-Money Laundering (AML) regulations and have 'named and shamed' 240 of the worst offenders. The single biggest fine of £1.4 million went to Xpress Money Services Ltd who apparently failed at every stage of the compliance routine.

Readers and practitioners in retail financial services are registered with FCA or other supervisory authority to follow Anti-Money Laundering (AML) regulations.

HMRC is a supervisor for the purposes of Money Laundering Regulations (MLRs). Whilst many professional services firms such as IFAs and mortgage brokers and PSD firms are supervised by the professional body to which they are members, (FCA for us) unqualified professionals, finance and property letting businesses and high-value dealers and art dealers all must register directly with HMRC.  

HMRC, like the FCA, has the power to fine business and the law allows it to name firms in breach of the AML regulations. A review of HMRC's lists reveals Accountancy Service Providers (ASPs), Estate Agency Businesses  (EABs) and Money Service Businesses (MSBs) are all falling short of their AML compliance obligations.

All news