Anti money laundering fees go up

bundles of cash

HRMC is increasing its anti money laundering supervision fees from 1 May 2019.

The annual registration fee rises to £300 per premises for businesses with a turnover of £5,000 or above and to £180 for businesses with a turnover below £5,000. The charge for fit and proper testing increases to £150, although the approval check fee will remain at £40.

All customers will pay the £300 premises fee when they renew. However, if their turnover is less than £5,000 they can apply for a reduction. Information on how to do this can be found on gov.uk.

HMRC said the increase would finance significant enhancements to its supervision as it takes a more robust approach to tackling non-compliance with the Money Laundering Regulations.

Key improvements include:

  • Increasing the number of staff available for more face-to-face and desk-based interventions with registered and unregistered businesses
  • Providing more educational products and activity, including webinars and online-learning, in a bid to help registered businesses get things right first time.

The enhancements follow the recent Financial Action Task Force mutual evaluation of the UK which recommended a harder-edged approach to anti money laundering supervision in Britain and increased coverage of regulated businesses.

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