Services

Anti-Money Laundering and HMRC Supervision

HMRC is one of 28 supervisors under the Money Laundering Regulations. These regulations place obligations on relevant businesses to have risk-based systems and policies in place to prevent the business from being used for money laundering and terrorist financing.

Key obligations on relevant businesses include being registered with HMRC, having appropriate policies, procedures and risk assessments, and of course, effective controls.

HMRC may check the compliance of a business using site visits or via a call from their helpdesk and the purpose of a compliance check is to see that the business is complying with the regulations.

Amongst other matters, HMRC will look at how the business operates its anti-money laundering policies, procedures and risk assessments, and help make sure the right systems and controls have been put in place. They will interview the owner of the business and the person who is responsible for complying with the regulations, the nominated officer. They will also check how the business risk assessment flows into proportionate, appropriate and robust policies, procedures and controls.

When HMRC concludes that a business’ money laundering compliance is deficient it has the powers to impose measures, including a financial penalty. In more serious cases, it may consider criminal prosecution.

How Complyport can assist:

  • Anti-money laundering reviews and health checks
  • Drafting and implementing relevant policies, procedures and risk assessments
  • Drafting and implementing customer due diligence processes
  • Remediation support on policy and procedural framework, including customer due diligence
  • Providing tailored support when communicating with HMRC warning, investigation or compliance visit
  • Remediation programmes

Complyport’s Financial Crime and Forensics Unit has supported firms supervised by HMRC including estate agents, lettings businesses, trust and company service providers, money services businesses, formation agents and art dealers.

The importance of countering financial crime risks has been highlighted by HMRC, stating that all firms must take steps to defend themselves against financial crime, with effective systems and controls to detect, prevent and deter.

Complyport offer a range of services to ensure your firm remains protected against financial crime, and compliant with ever evolving legal and regulatory frameworks. From conducting audits to training employees, our Financial Crime and Forensics Unit offer a variety of services, all of which can be tailored to your firm, to help meet your needs and requirements to safeguard your firm.

Interested in learning more about our services?

Please fill our free consultation form and a member of our team will get in contact with you.

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