Anti-Money Laundering (AML) Registration in the UK
In the UK, anti-money laundering measures are crucial for the business sector. These anti-money laundering measures or AML help sectors that are vulnerable to financial crime and the Uk Government mandates that firms who operate in high-risk sectors must register for supervision.
Registrations can be done via the HM Revenue & Customs (HMRC) under money laundering supervision to protect the financial system from abuse. Could your business be at risk? Let’s find out.
Do I Need to Register for Anti-Money Laundering (AML) Registration in UK?
If your business offers services that could be at risk of money laundering then yes, you must register with the HMRC. Unless you are not regulated by the Financial Conduct Authority (FCA) or other professional bodies that may conduct their own supervision, you must register with the HMRC. These sectors include accountants, tax advisers, estate agents, high-value dealers, money service businesses (MSBs), and trust or company service providers (TCSPs).
The regulations apply to:
- financial and credit businesses
- independent legal professionals
- accountants, tax advisers, auditors and insolvency practitioners
- trust and company service providers
- estate agency businesses
- letting agency businesses (with individual monthly rents of €10,000 or more)
- casinos
- high value dealers (handling cash payments of €10,000 or more in exchange for goods)
- art market participants (buying, selling or storing art worth €10,000 or more)
To register, you must fill in an online application with the HMRC through the Government Gateway. Your business must provide details of ownership information. You will need to pay a fee, which will vary depending on the nature of your business and how many premises you have. If you are a new business, you must register before commencing operations. Conducting business without an AML supervision can lead to penalties.
Your Responsibilities and Compliance
Once you have registered for Anti-Money Laundering (AML) Registration in the UK, it is your responsibility to adhere to specific AML requirements. These requires include conducting risk assessments, implementing written AML policies, and conducting regular staff training to recognize suspicious activity. You must also conduct customer due diligence, monitor transactions, and maintain detailed records to ensure compliance. If you notice any suspicious activities, it is your responsibility to report that to the National Crime Agency (NCA). This is a very important step under the Suspicious Activity Reporting (SAR) system.
Businesses who fail to comply with the requirements or breach the regulations may be at risk of fines, business restrictions, or even criminal charges. You should avoid this at all costs as it could damage your business’s reputation and limit future growth.
What About the Renewal Process?
Yes, you must renew your AML supervision annually to ensure continued compliance. During the renewal process is when you would update any changes to your business. For example, a change in any of your services or ownership. Not renewing your supervision on time could lead to penalties or suspension.