From 1 May, the annual renewal fee for money laundering supervision will more than double from £130 to £300 per premises, an increase of 130%
HMRC is increasing its anti-money laundering supervision fees from 1 May to fund enhancements to the service.
The £130 fee to register a premise is increasing to £300, as well as the annual renewal fee. The £100 fee for a fit and proper test is also increasing and from 1 May will cost £150.
When an individual or company registers for anti-money laundering supervision, they must pay a fee.
- a one off application charge;
- a registration fee for each premises;
- a fit and proper test fee (for money service businesses or trust or company service providers) for each person tested; and
- an approval process fee (for accountancy service providers, estate agency businesses, or high value dealers) for each person tested.
The application fee is charged when an individual first registers. If an individual has previously been registered with the HMRC anti-money laundering supervision service and it has ended, they will have to pay the non-refundable application charge of £100.
Aa part of registration individuals will also have to pay a fee for each premises included in the application.
If the application is refused by HMRC then it will return the fee if information was missing or if someone in the business failed the fit and proper test.
In the first six months of the year the full fee will be charged for each premises added but if a premise is added in the latter half of the year only half the fee would be charged. If a premise is removed the fee will not be refunded.
If the individual is registering a money service business or a trust or company service provider there is a non-refundable fit and proper test fee for each person tested.
New money laundering regulations require an approval test to check whether employees of accountancy service providers, estate agencies or high value dealers have any criminal convictions.
This test was implemented from 1 November 2017 and a non-refundable charge of £40 will apply for each person tested.
After 1 May 2019 if a business has a turnover of less than £5,000 it can apply for a ‘small business’ reduction.
Report by Amy Austin