The Money Laundering Regulations (MLR) are designed to protect the UK financial system by placing certain controls to prevent businesses being used for money laundering by criminals and terrorists. 

Many businesses are monitored by the Financial Conduct Authority (FCA) or belong to a professional body such as the Law Society. However, businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for not doing so. 

HMRC is responsible for supervising the following business sectors:

• Money Service Businesses not supervised by the FCA
• High Value Dealers 
• Trust or Company Service Providers not supervised by the FCA or a professional body
• 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
• Art market participants
• Letting agency businesses

HMRC’s Supervised Business Register can be used to check if a business has registered with HMRC under the MLR. The register was last updated on 30 November 2022 and lists over 65,000 concerns that are registered with HMRC for supervision under the Money Laundering Regulations. Businesses currently applying for registration will not appear on the list until the registration process is finished.

Source: New feed