HMRC steps up money laundering compliance crackdown

HMRC's anti-money laundering compliance officers are set to launch a clampdown on businesses to prevent money laundering.

Under the new campaign, HMRC will be phoning businesses registered under the Money Laundering Regulations (MLR) 2007 to ensure that up-to-date information is held about their activities.

HMRC can ask registered businesses for this information under Regulation 37 of the MLR 2007.

During the calls, the HMRC officers will confirm their identity and ask businesses for their security information, and details of business activities and customers. This will help HMRC decide whether a visit is needed and give businesses the opportunity to clarify any issues.

If a business is covered by the Money Laundering Regulations, it must be monitored by one of the supervisory authorities, including the Financial Conduct Authority, or a professional body such as CIOT or ICAEW.

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