From 1 April 2010 HMRC is imposing new sanctions on businesses which have not registered under the Money Laundering Regulations.A new late registration penalties policy has been introduced by HM Revenue & Customs (HMRC) for Money Service Businesses, (MSBs) High Value Dealers, (HVDs) Trust or Company Service Providers, (TCSPs) and Accountancy Service Providers (ASPs).
Should a business fail to register with HMRC when it is required to it will be liable to a fixed penalty and any unpaid fees.
The new late registration penalty will be based on fixed penalty and any unpaid fees.
Additional information for Trust of Company Service Providers and Accountancy Service Providers
From 01 April 2010 Trust or Company Service Providers and Accountancy Service Providers who have not registered with HMRC will be liable to a penalty or prosecution.
It is only necessary to register with HMRC if you are not a member of a body recognised by the CCAB under the Money Laundering Regulations.