HMRC anti money laundering fee increase
03 May 2019
HMRC has introduced significant enhancements to its supervision and taking a more robust approach to tackling non-compliance with the Money Laundering Regulations. As a result the anti money laundering supervision fees changed from 1 May 2019.
The recent Financial Action Task Force (FATF) mutual evaluation of the UK strongly commends the UK’s understanding of money laundering risk, international cooperation, money laundering investigations, prosecutions and asset recovery efforts, where HMRC plays a central role. It also recommended a harder-edged approach to anti money laundering supervision in the UK and increased coverage of regulated businesses.
In continuing to strengthen its contribution to the UK’s fight against the threat of anti money laundering and terrorist financing, HMRC is introducing significant enhancements to its supervision and taking a more robust approach to tackling non-compliance with the Money Laundering Regulations. Key improvements include:
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increasing the number of staff available for more face to face and desk-based interventions with registered and unregistered businesses
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providing more educational products and activity, including webinars and online-learning. Helping registered businesses to get things right first time
These enhancements come at a cost. HMRC’s anti money laundering supervision fees changed from 1 May 2019:
- the annual registration fee increased to £300 per premises for businesses with a turnover of £5,000 or above
- the annual registration fee increased to £180 for businesses with a turnover below £5,000
- the charge for fit and proper (F&P) testing increased to £150
- the approval check fee will remain at £40
All customers will pay the £300 premises fee when they renew. However, if their turnover is less than £5,000 they can apply for a reduction. Information on how to do this is on GOV.UK.
HMRC published a discussion document last year which invited comments on the fee structure. The summary of responses to this have been published on GOV.UK.