New Money Laundering Regulations became law on 26 June 2017. In short, the new regulations provide

  • more clarity around risk assessment policies and procedures
  • changes to how customer due diligence is carried out
  • changes to how staff training is recorded
  • improved record keeping
  • new procedures for larger and more complex businesses.

Businesses covered by the regulations

The regulations apply to a number of different business sectors, including accountants, financial service businesses, estate agents and solicitors. Every business covered by the regulations must be monitored by a supervisory authority. Your business may already be supervised, for example, because you’re authorised by the Financial Conduct Authority (FCA) or belong to a professional body like the Law Society.

If not, and your business falls into one of these 7 business sectors, you’ll need to register with HMRC:

  • money service businesses not supervised by the FCA
  • high value dealers
  • trust or company service providers not supervised by the FCA
  • accountancy service providers not supervised by a professional body
  • estate agency businesses
  • bill payment service providers not supervised by the FCA
  • telecommunications, digital and IT payment service providers not supervised by the FCA

Full guidance can be found on HMRC website: