Title
Money Laundering Regulations
Pub Date
30/06/2016
Category
Corporate Governance & Regulation
Character
Number
Summary

The MLR101 form used by MSB’s and TCSP’s to apply for a Fit and Proper test under the MLR has recently been updated.

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists.

Many businesses are monitored by the Financial Services Authority or certain professional bodies. However, businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for not doing so.

HMRC is responsible for supervising the following five business types:

  • Money Service Businesses (MSB’s)
  • High Value Dealers (HVD’s)
  • Trust or Company Service Providers (TCSP’s)
  • Accountancy Service Providers (ASP’s)
  • Estate Agency Businesses (EAB’s)