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Resources

Money laundering supervision fee payment deferred

Resources

Money laundering supervision fee payment deferred

This page was last updated on June 9, 2020

A business needs to be monitored by a supervisory authority if UK Money Laundering Regulations apply to it.  Businesses who have HMRC as their supervisory authority can now defer their fee for 6 months or deregister if they have stopped trading due to coronavirus.

9 June 2020

As a result of coronavirus measures, the Government has announced that businesses who are due to renew their money laundering supervision with HMRC can now either:

 

Background and businesses affected

A business needs to be monitored by a supervisory authority if UK Money Laundering Regulations apply to it.  Money laundering is exchanging money or assets that were obtained criminally for money or other assets that are ‘clean’.  The clean money or assets do not have an obvious link with any criminal activity.  Money laundering also includes money that is used to fund terrorism.

If a business handles monies on their clients’ behalf, is not covered by a supervisory authority (such as the Financial Conduct Authority), and is a business in one of the following sectors, HMRC is the designated supervisory authority:

These businesses need to undertake an annual registration and pay a fee to HMRC.

 

Fee deferral and deregistration

The fee payment deferral and deregistration options apply to all businesses with an annual fee due between 1 May and 30 September 2020.  If a business continues to operate and carry out activity covered by the Money Laundering Regulations (MLR), it must:

 

HMRC will send you an email reminder before your payment’s due date and you can either:

If you choose to defer you do not need to tell HMRC.  HMRC will simply contact you again to remind you about your new payment due date. 

 

If you have temporarily closed your business due to coronavirus or stopped all MLR activity, you can also deregister and indicate you no longer need to be supervised by HMRC.  Find out more about how to deregister here.  That link also signposts how to reregister your business again when it reopens.

There is more detailed guidance on who needs to register for money laundering supervision here.

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