HMRC has published an updated list of businesses that have not complied with AML regulations.
As a supervisor of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 – which came into effect on 26 June 2017 – HMRC has a duty to publish details of businesses that have been penalised.
These details will be published regularly on GOV.UK and will be available to view for at least five years. They apply only to breaches under the 2017 regulations and can include:
The list includes some big household names such as Countrywide Estate Agents (penalty £215,000) and Tepilo Limited (penalty £68,595).
Typical breaches include failing to ensure policies, controls and procedures at group level; failures in conducting due diligence; timing of verification and proper record keeping.
ACCA Money Laundering Regulations advice
ACCA has a full range of guidance for members and firms including sample policies and procedures, while HMRC has a full list of non-compliant businesses
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