Accountancy Service Providers (ASPs) and Estate Agent Businesses (EABs) are topping the lists of the types of professions that have received punitive levels of penalties for failure to register their business under the Money Laundering Regulations MLR.
Many types of UK businesses and individuals Must now register under the AML with a supervisory authority. Failure to do so is a criminal offence, but the UK government is benefiting from a widespread ignorance of the registration rules and charging millions in fines.
According to an analysis by AccountingWEB of HMRC's statistics, over a quarter of the 408 firms recently fined some £2.3m for their MLR failures were in accountancy services. The top offenders received fines in excess of £13,000.
If an ASP is not a member firm of a recognised professional body, and as such does not have a professional body supervisor, they must register to have HMRC as their AML supervisor.
The accounting and tax Professional Body Supervisors comprise:
- Association of Accounting Technicians.
- Association of Chartered Certified Accountants.
- Association of International Accountants.
- Association of Taxation Technicians.
Estate Agents and Lettings Agents do not have a professional body and as such they must register with HMRC.
Trust and Service Company providers also appear on the list of fined businesses, like ASPs. If they are not registered under the MLR elsewhere then they must register with HMRC.
For a full list of businesses, from Art Market Participants to Trust Providers that are covered by the MLR and their supervisory bodies see: AML Zone: Do you need to register?
Useful guides on this topic
AML: Do you need to register your business?
Which businesses are required to register with a supervisor for Anti-Money Laundering (AML) purposes? Who is your supervisor for (AML) purposes?
AML: Anti-Money Laundering glossary
Do you know your ASP from your EAB? Do you have a PBS or are you a BOOM? Anti-Money Laundering (AML) guidance loves an abbreviation. Here is a useful list.
AML Zone: Anti-Money Laundering tools for you
AML Zone contains checklists and practical guidance on the Anti-Money Laundering requirements that businesses need to follow.
You can also watch our Anti-Money Laundering Update and Compliance course on demand.
- Time for your firm-wide risk assessment? New to AML compliance? Need help working through your AML verification checks?
- Check out our Anti-Money Laundering Update and Compliance course
External links
AccountingWEB: Accountancy firms hit in £2.28m AML clampdown
Gov.uk: Businesses that have not complied with the Regulations 2023-2024
